Guangzhou Zhiguang Electric Co., Ltd. entered into share transfer agreement to acquire additional 18.18% minority stake in Guangzhou Zhiguang Energy Conservation Co., Ltd. from Shanghai Cooltech Power Co., Ltd. for CNY 86.6 million.

Guangzhou Zhiguang Electric Co., Ltd. (SZSE:002169) entered into share transfer agreement to acquire additional 18.18% minority stake in Guangzhou Zhiguang Energy Conservation Co., Ltd. from Shanghai Cooltech Power Co., Ltd. (SZSE:300153) for CNY 86.6 million on December 20, 2021. The consideration will be paid in 2 installments of 50% each after the signing and effectivity of the share transfer agreement. Upon completion, Guangzhou Zhiguang Electric's ownership in Guangzhou Zhiguang Energy Conservation will increase from 78.18% to 96.36%.

The transaction was approved by the 8th session of Shanghai Cooltech's 5th directorate. The Board of Directors of Guangzhou Zhiguang Electric Co., Ltd. approved the transaction on December 20, 2021.