Xingfa Aluminium's (HKG:0098) subsidiary Guangdong Xingfa Aluminium agreed to transfer its 2.80% equity interest in Guangdong Guangxin Innovative Research Centre to Guangxin, the controlling shareholder of the company, for 11.2 million yuan, a Wednesday Hong Kong bourse filing said.
Guangxin, which already holds 91.60% equity interest in the target company will also acquire 2.80% equity interest in the target from FSPG Hi-Tech (SHE:000973), and Star Lake Bioscience (SHA:600866), making it the sole owner of the target.
Upon completion, the company will cease to have any interest in the target company and plans to use the proceeds from the disposal for its general working capital.
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