July 29 2002 – China’s Shenyang Public Utility Holdings said trading in its shares was suspended on Monday pending a statement that a Beijing-based company would buy into its parent.
Shenyang Public Vice President Wang Se told Reuters that Beida High-tech had signed an agreement to acquire a stake in its parent, Shenyang Public Utility Group Co Ltd, which holds 58.8 per cent of the listed company.
The listed Shenyang Public, which is engaged in the production and sale of electricity and heat, would release a statement on Tuesday, Wang said by phone from the northeastern city of Shenyang. But he declined to give further details.
Shares of Shenyang Public Utility Holdings closed at HK$1.02 on Friday after losing 13 per cent in the past month and 41 per cent in the past three months.
Shenyang Public Utility Holdings in June sold its 99.37 per cent take in its core water purification business to the Shenyang city government for 900 million yuan ($108.7m) because it was shifting its focus to investments in property and education projects.