Hong Kong-listed Shanghai Electric-Siemens JV capital raised to 32 mln eur |
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Published
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Mon, 16 Apr 2007 05:51
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HONG KONG (XFN-ASIA) - Shanghai Electric Group Co Ltd said it and partner Siemens AG have agreed to raise the registered capital of their joint venture company to 32 mln eur from 18.4 mln.Shanghai Electric said in a statement it will contribute an additional 6.66 mln eur to boost Siemens Gas Turbine Parts Co Ltd's capital, while Siemens will put in 6.9 mln more.Shanghai Electric's 49 pct stake and Siemen's 51 pct shareholding in the joint venture will remain unchanged following the capital contribution, it said.The company added that the capital increase is expected to support the joint venture's future expansion plans.leonora.walet@xfn.comlw/net
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