CBAK Energy down on buying majority stake in battery material supplier

CBAK Energy Technology

26/07/2021 17:38

** Shares in lithium-ion battery manufacturer  CBAT.O  down
as much as 5.19% at $3.68 
    ** Co's unit Dalian CBAK Power Battery buys majority stake
in Zhejiang Meidu Hitrans Lithium Battery Technology Co, a
lithium-ion battery material supplier in China
    ** Deal for about 158.74 million yuan ($24.49 million)
expected to close in Q3 2021 urn:newsml:reuters.com:*:nPn4NMnlCa
    ** CBAK expects to further strengthen its supply chain and
competitiveness in the high-power lithium battery market through
the deal 
    ** As of March 31, CBAK had cash and cash equivalents and
restricted cash of $81.4 mln
    ** Stock down ~27% YTD , up to last close      

($1 = 6.4825 Chinese yuan renminbi)

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))