Additional stake in FTD
January 06 2006 - 1:01AM
UK Regulatory
RNS Number:4950W
China Shoto plc
06 January 2006
Press Release 6 January 2006
China Shoto plc
("China Shoto" or "the Company")
Purchase of additional stake in
Beijing Full Three Dimension Power Engineering Co., Ltd. ("FTD")
China Shoto plc (AIM:CHNS), a leading Chinese producer of industrial batteries
and power supply systems, today announces that the Company, as stated in its AIM
Admission document, has increased its stake in the Beijing Full Three Dimension
Power Engineering Co., Ltd. ("FTD") from 30% to 51% for a cash consideration of
#260,000. China Shoto now holds a controlling stake in FTD.
In this transaction Jiangsu Shuangdeng Power Supply Co., Ltd, a wholly-owned
subsidiary of China Shoto plc, purchased the 21% stake in FTD from China
Investment Corporation for Science & Technology, China Academy of Sciences,
following approval by the state-owned assets administration authority. The
transaction was performed on the China Beijing Equity Exchange (CBEX). The
original 30% stake is held by Glory Trinity Engineering Limited, a wholly-owned
subsidiary of China Shoto plc.
Incorporated in 1995, FTD is a leading turbine design and refurbishment service
provider based in Beijing. Historically, FTD has concentrated on the redesign
and reconstruction of older turbines to improve their efficiency and reduce
their emissions and has to date reconstructed over 100 such turbines. FTD has
approximately a 70% share of the Chinese domestic turbine refurbishment market
and is also engaged in blade design. FTD has utilised its turbine expertise to
develop its own 150MW turbine. This competes with 135MW turbines and is cheaper
to install and operate.
Demand for electricity in China continues to rise and in the last five years has
increased by an average of over 7% per annum. The Chinese Government is
committed to increasing power generation capacity and reducing emissions.
Cao Guifa, Executive Chairman of China Shoto plc, said: "We believe that the
utilisation of FTD's technology can make a substantial contribution to the
achievement of the Chinese Government's stated objectives. Firstly by
refurbishing existing turbines to increase their efficiency and electricity
output whilst cutting their emissions and coal consumption, and secondly, by
building new turbines utilising FTD's patented technology. It is our intention
to see FTD generate revenues in both these areas of activity going forward."
In 2005 FTD entered into an agreement with the Shanghai Turbine Company to
manufacture five turbine units, three of which have been delivered and are
already in operation.
China Shoto listed on the AIM market of the London Stock Exchange in December
2005.
- Ends -
For further information:
China Shoto plc
Cao Guifa, Executive Chairman Tel: +44 (0) 20 7398 7700
www.chinashoto.com
Seymour Pierce Limited
John Depasquale Tel: +44 (0) 20 7107 8000
jdp@seymourpierce.com www.seymourpierce.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Katherine Murphy Tel: +44 (0) 20 7398 7700
henry.ht@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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