Tus Environmental Science & Technology Development (SHE:000826) said the equity holder of its former unit, Zhejiang Tus-Eco Science and Technology was changed following a lawsuit against the company, according to a Shenzhen bourse filing on Tuesday.
Ningbo Hangzhou Bay New Zone PICC Yuanwang Tus Tech Service Equity Investment Center (Limited Partnership) or PICC Fund is now the controlling shareholder of Tus-Eco Science and Tech.
The Chinese engineering construction services provider was sued after it failed to pay the equity transfer amount for the acquisition of Puhua Environmental Protection in 2018. As a result, the Beijing Financial Court froze 93.4% of Tus-Eco Science and Tech's stake and ordered it to be transferred.
PICC Fund was a related company of Tus-Eco Science and Tech before the transfer.
The company's shares dropped less than 10% in recent trade.
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