A unit of Shimao Services (HKG:0873) agreed to sell a 60% equity stake in Wuxi Jinshatian Technology to Wuxi Yuanyou Environmental Technology for 250 million yuan, a Tuesday bourse filing said.
The property manager will use proceeds from the sale of the target company, a sanitation services provider in China, to boost its working capital.
Shares of the company closed 6% higher on Tuesday.
Price (HKD): $0.70, Change: $+0.040, Percent Change: +6.06%
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