Malaysian electronic company VS Industry Bhd. has acquired a 20% stake in a Hong Kong company that is involved in the development of a 20-megawatt Chinese solar project.
VS’ Hong Kong-listed subsidiary VS International Group Ltd signed an agreement to purchase 20% of Cadre Project Development Co. for RMB44 million (US$7 million). Cadre is the parent of Inner Mongolia Gujing Zhaolai Photovoltaic Co., which is developing the solar power plant at Liang Cheng county in the Inner Mongolia Autonomous Region.
The project is expected to cost RMB220 million.
