CHNS -3x Short China

TIDMCHNS

RNS Number : 3171Z

China Shoto plc

12 January 2011

China Shoto plc

("China Shoto" or "the Company")

Disposal of 59% stake in Yangzhou Zhenghe Power Supply Co., Ltd

China Shoto plc (AIM: CHNS), a leading Chinese battery producer and the largest supplier of back-up batteries to China's telecommunications operators, today announces that following the announcement made on 16 August 2010, the Company has sold its 59% interest in the Yangzhou Zhenghe Power Supply Co., Ltd (Yangzhou Zhenghe), for a cash consideration of RMB 4 million. The Company acquired Yangzhou Zhenghe in 2006 for a total consideration of GBP216,000.

Chairman Yang Shanji said: "The Board has made this decision as part of wider cost control measures. Yangzhou Zhenghe accounted for approximately 3% of the Company's total production capacity, before its closure last August. The sale of our interest will permit a greater focus on more efficient production lines as such overall production is expected to remain at current levels."

-Ends-

 
For further information: 
China Shoto plc                    Tel: +44 (0) 20 7242 2666 / +86 
 Yang Shanji, Executive Chairman    159 6108 0515 
                                    www.chinashoto.com 
Seymour Pierce Limited             Tel: +44 (0) 20 7107 8000 
 Stewart Dickson (Corporate         www.seymourpierce.com 
 Finance) 
 Leti McManus (Corporate Broking) 
Media enquiries:                   Tel: +44 (0) 20 7242 2666 / +852 
 Allan Piper/ Jiang Lei             2854 2666 
 lei@firstcitypr.com                www.firstcitypr.cn 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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