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BYT Holdings Down 2.5% As Announces Strategic Investment In Xi'an Triumph Electronic Technology Co. Ltd

· 02/05/2021 12:05

04:50 PM EST, 02/05/2021 (MT Newswires) -- BYT Holdings Ltd. (CSE: BYT) said Friday after markets closed that its Singapore-based subsidiary has agreed to acquire a 35% stake in Xi'an Triumph Electronic Technology Co., Ltd for SGD 1,750,000.

The Vancouver-based company said the transaction is arms-length, meaning no change in management or board membership is being contemplated as a result. China-based Xian Tech is focused on urban rail transit construction, water conservancy projects, railway engineering, and integrated pipeline network construction.

BYT Holdings' Canadian Securities Exchange-listed shares were down by $0.01 or 2.5% to $0.39 per share as of Friday's close.