Ruineng Technology: plans to acquire controlling shares of Qidian electric
Ruineng technology announced that the company signed a letter of intent to purchase shares and planned to purchase the controlling shares of Shanghai Qidan Electric Technology Co., Ltd. (hereinafter referred to as "Qidan electric") in cash, that is, to acquire 84.04% equity of Qidan electric. Qidian Electric is specialized in R & D, production and sales of frequency converters and soft starters, with an overall valuation of about 150 million yuan. This transaction is an important strategic measure for the company to expand the industrial automation control product line and improve the layout of industrial automation field.
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