Tianneng Power International (HK:0819) has released an update.
Tianneng Power International is set to acquire a 28.57% equity interest in its subsidiary, Zhejiang Tianneng New Materials Co., Ltd., following significant shifts in the macro environment and industry conditions that impacted their original listing plans. This acquisition will be executed through the exercise of put options granted to investors, with Party C1 expected to repurchase the shares at the original subscription price plus interest, minus any dividends received. Upon completion, Party A will be owned 65% by Party C1.
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