Asia Power Corporation Limited on Thursday said its unit, Asia Power (Hainan) Investment Co Ltd, is buying the remaining 40 per cent stake in Xi’an Kaixin Enterprise Co Ltd from Hainan Yabang Investment Management Co Ltd, for RMB45 million (S$7.10 million).

On completion of the acquisition, Asia Power will own all of Kaixin.

The company currently holds a 40 per cent stake in Kaixin through its wholly-owned subsidiary, Fu Da Xin Holdings Ltd, and a 20 per cent equity interest through AP Hainan. Kaixin will become an indirect wholly-owned subsidiary of the company.

"The group is undertaking the proposed acquisition as it is expected that the proposed acquisition will improve the group’s profitability in the long term,” Asia Power said..



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