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Far East Cable Acquires 51% Stake in Semeureka Electric
Jun 4, 2014 13:57Source:SMM
Far East Cable Co. entered into agreement with major shareholders of Beijing Semeureka Electric Co. to acquire 51% stake in Semeureka with 284.53 million yuan ($46 million).
SHANGHAI, Jun. 4 (SMM) – Far East Cable Co. entered into agreement with major shareholders of Beijing Semeureka Electric Co. to acquire 51% stake in Semeureka with 284.53 million yuan ($46 million).
The transaction will allow Far East Cable to extend its business into power distribution area, the company told Shanghai Stock Exchange.
Semeureka realized 106.47 million yuan of operating revenue, and created 37.84 million yuan in net profit in the 2013 fiscal year.
Far East Cable Co.
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