{"id":1007,"date":"2014-09-08T03:13:01","date_gmt":"2014-09-08T03:13:01","guid":{"rendered":"http:\/\/indonesiagarment.com\/news\/?p=1007"},"modified":"2014-09-08T03:13:01","modified_gmt":"2014-09-08T03:13:01","slug":"weiqiao-textile-to-acquire-thermo-power-plant-for-rmb-1599-bln","status":"publish","type":"post","link":"https:\/\/indonesia-product.com\/news\/weiqiao-textile-to-acquire-thermo-power-plant-for-rmb-1599-bln\/","title":{"rendered":"Weiqiao Textile to acquire thermo power plant for RMB 1.599 bln"},"content":{"rendered":"


\nChina Knowledge Online, Singapore
\nSep. 8, 2014 (China Knowledge) – Weiqiao Textile<2698>, China’s biggest cotton textile manufacturer by production scale, announced that it would acquire a thermo power plant from Zouping High-tech thermoelectric Co. Ltd for RMB1.599 billion.
\n
\nThe move aims to meet the environmental protection and energy conservation criteria required by the central and Shandong local governments.<\/p>\n

According to the announcement, the payment will be realized by selling one of Weiqiao Textile’s thermoelectric facilities valued at RMB 291 million as well as the electricity produced by the new the newly purchased facility.<\/p>\n

The thermoelectric facilities to be purchased have an installed capacity of 420 terawatt, and Zouping High-tech has agreed to buy back part of the electricity.<\/p>\n

Weiqiao Textile is principally engaged in the production, sale and distribution of cotton yarn, grey fabric and denim in China and overseas. The company conducts the majority of its business activities in Mainland China, Hong Kong, East Asia (mainly in Japan and South Korea) and other areas.<\/p>\n

According to an earlier report, Wellington Management Ltd, a trust investment advisor and asset manager to institutions worldwide, has agreed to increase stake in Weiqiao Textile to 6.39% from the previous 5.48%. Wellington planned to acquire 3.74 million shares in the latter at a price of HK$6.2 apiece.<\/p>\n

Shares of the cotton textile manufacturer edged down 0.82% to settle at HK$6.06 last Friday, dragged by the tumbling Hang Seng Index.<\/p>\n

Copyright \u00a9 2014 www.chinaknowledge.com<\/p>\n

Send feedback or comments to: news@chinaknowledge.com<\/p>\n

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today<\/p>\n

To access our page on Bloomberg, type CKFI (GO)<\/p>\n","protected":false},"excerpt":{"rendered":"

China Knowledge Online, Singapore Sep. 8, 2014 (China Knowledge) – Weiqiao Textile<2698>, China’s biggest cotton textile manufacturer by production scale, announced that it would acquire a thermo power plant from Zouping High-tech thermoelectric Co. 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