Titan Energy Technology (02188-HK) announced that Zhuhai Titan, an indirect wholly-owned subsidiary of the Company, entered into the Sale and Purchase Agreement with Pilot Intelligence, pursuant to which Zhuhai Titan agreed to sell 10% of Titan's new impetus with RMB135 million (approximately HK $ 149.85 million) Equity Interests, Pioneer Intelligence (300450-CN) paid for the acquisition in cash and shares.
Of which 55% of the purchase price (ie 74.25 million yuan (about 82.418 million Hong Kong dollars), Pioneer Intelligence to 33.98 yuan per share issued about 218 million shares to pay Zhuhai Titan shall not be within 12 months in any way transfer of shares.
Based on the preliminary assessment, the Group will receive approximately RMB134 million (approximately HK $ 148 million) in proceeds from the Disposal under the Sale and Purchase Agreement. The Company believes that the Disposal will optimize the Group's operations and management and, at the same time, And management of resources focused on its main business, that is, electric vehicle charging equipment R & D and manufacturing and electric vehicle charging network investment and operations. The Directors are of the view that the timing for the completion of the Disposal is ripe. The proceeds of the Disposal will be used as general working capital of the Group.
Titan new power is a professional R & D, manufacturing and sales of energy recovery of the battery into, sub-capacity, sorting and automated warehousing logistics, all types of batteries and modules of professional testing equipment manufacturers.