China Technology Development (CTDC) Surges Amid Agreement to Acquire 51% Equity Interest in On-Grid Solar Power Station Business
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Shares of China Technology Development Group Corporation (Nasdaq: CTDC) have rallied more than 25% this morning following news that the Company has entered into a Stock Purchase Agreement with China Technology Solar Power Holdings Limited and its direct and indirect shareholders to acquire a 51% equity interest and become the major shareholder of CTSPHL Group.
CTSPHL Group, through its wholly-owned subsidiary, is developing a 100MW grid-connected solar power plant project located in Delingha City of Qaidam Basin in Qinghai Province, Northwestern China. Upon closing of the acquisition, the Company and CTSPHL Group will jointly develop the Delingha 100MW Solar Project. CTDC believes that its co-development of the Delingha 100MW Solar Project will further its goal of becoming an integrated solar company with strong capabilities in designing, building and operating solar power plants.
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