CHINA Investment Co acquires stake in Shenyang Shen Le Man Gas Appliances Co
CHINA Investment Co has acquired a 36 per cent stake in Shenyang Shen Le Man Gas Appliances Co, a manufacturer of gas water heaters and appliances, for US$4.5 million The purchase was made through wholly owned subsidiary China Investment, Number 1, based in Shenyang in Liaoning province.
Shenyang Shen Le Man, which was founded 37 years ago, produced China's first domestically made gas water heater in 1980.
It was recently chosen by the United Nations Development Programme for a pilot project to upgrade management for potential listing on international equity markets.
The investment represents about 12 per cent of China Investment's net assets.