Shanghai Electric's subsidiary asset transfer faces further delays

Shanghai Electric Group Company Limited (HKEX: 2727) announced a lack of progress in transferring project assets of its subsidiary, Ningbo Hi-Firm Environmental Protection Company. The assets, comprising state-owned land use rights and construction works, have failed to solicit interest despite two public tender listings on the Shanghai United Assets and Equity Exchange. The initial offering price of RMB90.66 million was reduced to RMB81.5940 million for the second listing, but still no bids were received. The company now plans a third public tender at a further reduced price of RMB73.4346 million, 10% lower than the second listing. If a buyer isn't found, the tender will be terminated.