CTDC Sells China Natures Technology Subsidiary

Posted by SI Staff on December 21, 2007 No Comments
Categories : FYI

China Technology Development Group Corp. (CTDC) has completed another step in its strategic plan to focus the company's management and operating resources on solar energy.

CTDC has disposed of its China Natures Technology Inc. subsidiary to an independent party for a total cash consideration of HK $10 million, pursuant to a sale and purchase agreement dated Dec. 18. The disposal of China Natures and the major terms of the agreement have been approved by shareholders, and the net proceeds of the disposal will be used to further develop CTDC's core businesses.

‘The disposal of non-core business further advances our strategy of reshaping the company around the clean renewable energy sector, which presents an exciting growth opportunity for the company and our shareholders,’ comments Alan Li, chairman and CEO of CTDC.

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