TBEA: Subsidiary Plans to Acquire 74.19% Equity of Shuguang Cable for 946 Million Yuan
On October 16, TBEA announced that in order to enhance the market share of the company's medium and high-end cable products, such as those used in nuclear power and rail transit, its wholly-owned subsidiary, Electrical Equipment Group, signed a "Share Transfer Agreement" with Zheng Lianyuan and 49 other individuals, as well as Yangzhou Fumao Enterprise Management Partnership. The Electrical Equipment Group is acquiring 225 million shares of Shuguang Cable for 946 million yuan, which accounts for 74.1942% of its total equity. Shuguang Cable is a manufacturer of wires and cables, offering a full range of ultra-high voltage, medium, and low voltage power cables of up to 500kV. The company specializes in high-tech special cables such as 1E K1 and K3 cables used in nuclear power plants, wind energy cables, photovoltaic cables, and rail transit cables, with a product line covering more than 20 series.
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