(Yicai Global) Aug. 4 -- Salt production and natural gas pipeline construction firm Yunnan Energy Investment Co. [SHE:002053] (YEI) said that its controlling shareholder will transfer ownership of alternative energy assets to it.

YEI, which is owned by the local government, said yesterday that it will issue new shares to acquire four wind energy operators and one photovoltaic power generation company from Yunnan New Energy Investment and Development Co., an affiliate of YEI's controlling shareholder -- Yunnan Provincial Energy Investment Group. YEI will issue shares to Yunnan Provincial Energy Investment Group to raise funds for the acquisition.

The companies are still in talks on the specifics of the deal, YEI said. YEI's core business is salt processing. It branched out into the energy market after setting up a natural gas subsidiary last October.