(Yicai Global) March 5 -- Shares of Center International Group rallied after the construction engineering company said that Chinese solar wafer giant Longi Green Energy Technology will splurge about CNY1.6 billion (USD253 million) to become its second-largest shareholder to team on solar parks on the roofs of public buildings.

CIG's stock price [SHA: 603098] rose by 10 percent to CNY10.52 (USD1.60) this morning. Longi’s equity price [SHA: 601012] climbed by 1.4 percent to CNY99.43 (USD15.40).

Longi will buy a 27.3 percent stake in CIG from the latter's majority stockholder and a third-party investor, paying CNY12.50 per share, Xi’an-based Longi and Beijing-headquartered CIG said in separate statements yesterday. The price is about 31 percent more than the firm's closing price yesterday.

The investment will help give full play to CIG's advantages in building roof design and maintenance, as well as Longi's competitive edge in photovoltaic products to jointly develop solar energy plants on top of major public buildings, the pair explained. 

Liu Aisen and parties acting in concert, the biggest shareholder of CIG, will have 40.2 percent of the construction company's equity after the transaction, falling from 57.4 percent, still remaining the controlling shareholder. But Longi will get to choose the general manager or the financial officer of CIG.

Founded in 2001, CIG has participated in constructing famous public buildings, including Beijing Daxing International Airport and Shanghai's National Exhibition and Convention Center, according to the company’s website.

Editor: Emmi Laine, Xiao Yi