China Ming Yang Wind Power Group Limited (MY.NYSE), a leading wind energy solution provider in China, announced Tuesday that it had completed the acquisition of the remaining 1 percent stake of China Smart Electric Group Limited (China Smart), a Cayman Islands company on October 26, 2015.
China Smart owns all of the equity interest in Wise Renergy Holdings Limited, which in turn owns all of the equity interests in China-based subsidiaries, Tianjin RENergy Electrical Co., Ltd. and Tianjin Ruiyuan Electrical Co., Ltd., the company said in a release on its website.
Ming Yang had announced the acquisition of its 99 percent stake in China Smart on May 18, 2015.
In exchange for the remaining 1 percent stake, Ming Yang will pay a total purchase consideration of approximately 9.2 million yuan with the consideration to be paid in cash, the company said.
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