Breton Technology Drops Planned Stake Purchase in Xingmiao Photoelectric
MT Newswires Live
Yesterday
Breton Technology (HKG:1333) agreed to terminate its proposed acquisition of a nearly 6.83% stake in Shanghai Xingmiao Photoelectric Technology, according to a filing with the Hong Kong Stock Exchange.
The decision follows a reassessment of resource allocation as the company's overseas microgrid project enters the construction stage, with Breton prioritizing resources for the project.
The termination is not expected to have a material adverse impact on Breton Technology's existing business, operations, or financial position.
Shares of the firm were down nearly 3% in Wednesday's late-morning trade.
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