Chinese firm Hollysys Automation Technologies, Ltd has signed an agreement to sell 10% of its holdings of China Techenergy Co., Ltd. (CTEC) to China Nuclear Power Engineering Co., Ltd. (CNPEC) for CNY 27.8 million ($4.4 million).
Pursuant to the terms of stock purchase agreement and associated cooperation agreement, CNPEC is committed to purchase the complete suite of non-safety automation and control products from Hollysys on exclusive basis.
This transaction will reduce Hollysys' ownership in CTEC from 50% to 40% and increase CNPEC's ownership from 50% to 60%. CNPEC is a subsidiary of China Guangdong Nuclear Power Holding Co., Ltd (CGNPC).
Hollysys Chairman and CEO Changli Wang said: "We are very pleased to secure our exclusivity supplier status of our nuclear non-safety automation and control products for all the nuclear reactors commissioned by CNPEC.”
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