Dec 21 2007
China Technology Development Group Corporation, a provider of clean and renewable energy products and solutions focusing on solar energy business in China, today announced that it has completed another step in its strategic plan to focus the Company's management and operating resources on the principal business of solar energy.
On December 18, 2007, the Company disposed its subsidiary China Natures Technology Inc. ("China Natures") to an independent party for a total cash consideration of HK$10,000,000, pursuant to the sale and purchase agreement dated December 18, 2007 ("SPA"). The disposal of China Natures and the major terms of the SPA have been approved by the shareholders on the annual general meeting held on October 19, 2007. The net proceeds of the disposal will be used to further develop its core businesses.
Alan Li, Chairman and CEO of CTDC said, "The disposal of non-core business further advances our strategy of reshaping the Company around clean renewable energy sector which presents an exciting growth opportunity for the Company and our shareholders. This transaction will allow increased focus of management and financial resources on our core activities and will put the Company in a stronger position to move forward in the solar energy business."