Narada Power Source To Acquire Stakes In Two Companies

Date:2011-09-05lile  Text Size:

September 5 -- Battery producer Zhejiang Narada Power Source (300068) plans to acquire a 51 percent stake in Huayu Energy and an 80 percent interest in Wufeng Energy, reports, citing a company filing.

The acquisition price will be fixed based on negotiations after the value of the targets' assets has been audited and appraised.

Huayu Energy, founded in 2008, has current annual production capacity of 14.4 million polar plates and eight million batteries.

The company posted net profit of 22.55 million yuan in the first seven months of 2010.

Wufeng Energy, established in 2006, specializes in the sale of bicycle batteries, and has a nationwide sales network.

According to the company, the acquisitions will allow it to enter the semi-electric bicycle industry.

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