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Shanghai Prime (02345) to sell bearings business to parent

  Shanghai Prime Machinery (02345) said it agreed
to sell the entire equity interests in Shanghai Electric Bearing Co., Ltd. for Rmb58.85
million to controlling shareholder Shanghai Electric (Group) Corporation.
  Electric Bearing is principally engaged in manufacture and sale of bearings, bearing 
parts and semi-finished bearing products.
  Shanghai Prime is expected to recognise a loss of about Rmb364,000 from the disposal. It
is intended that the net proceeds will be used as general working capital and capital
expenditure for the Group and/or to fund new investments of the Group should suitable
opportunities arises.  

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