BRIEF: Tsaker New Energy’s Beijing Stock Exchange spinoff approved
New energy materials supplier Tsaker New Energy Tech Co. Ltd. (1986.HK) said on Tuesday that the proposed spinoff and separate listing of its Tsaker Technology subsidiary on the Beijing Stock Exchange (BSE) was approved by the exchange on Monday.
Under the plan, Tsaker Technology will sell 7.97 million new shares, representing about 11.15% of its enlarged share capital, at an offer price of 30.28 yuan per share. The offering is expected to raise about 241 million yuan ($35 million).
Tsaker New Energy said it currently holds about 68% of Tsaker Technology, though that will fall to about 60.41% after the offering.
Tsaker Technology is principally engaged in the electronic chemicals and new energy materials businesses, while Tsaker New Energy mainly produces dye intermediates, agrochemical intermediates and new energy materials. The company has been expanding its new energy materials segment in recent years and pushing forward with the separate listing plan for Tsaker Technology.
Tsaker New Energy shares opened lower on Tuesday in Hong Kong and traded at HK$0.95 by the midday break. The stock has risen about 20% since the start of the year.
By Lee Shih Ta
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