BEIJING, Aug. 20 (Xinhua)-- State Grid Jiangsu Electric Power Co., Ltd., a wholly-owned subsidiary of State Grid Corporation of China, announced Thursday that it would sell its 70.3 percent stake in a coal retail joint venture with Jiangsu Investment Management Co., Ltd.
According to a filing with China Beijing Equity Exchange, the JV, Jiangsu Power and Fuel (Group) Limited, registered 504.7 million yuan of operating revenue and 10.13 million yuan of net profits in 2017.
Jiangsu Investment Management Co., Ltd., a wholly-owned subsidiary of local-government-owned investment company Jiangsu Guoxin Investment Group Ltd., owns the remaining 29.7 percent stake in Jiangsu Power and Fuel (Group) Limited.
The equity sale was part of State Grid's efforts to improve efficiency by the disposal of its non-core businesses. (Contributed by Wu Shuang; Ding Lei, dinglei@xinhua.org)
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