China Communications Construction (HKG:1800, SHA:601800) agreed to divest its holdings in a unit of its controlling shareholder, China Communications Construction Group or CCCG, in a 699.9 million yuan equity transfer agreement, according to a Hong Kong Stock Exchange filing on Nov. 1.
CCCG's urban park managing subsidiary, China Communications Property Service Group, will be sold to another subsidiary of CCCG, CCCG Real Estate, the engineering company said.
CCCG Real Estate will buy 15% and 24% of China Communications Property Service from China Communications Construction's units, CCCC Investment and CCCC First Highway Engineering Group, for 105 million yuan and 168 million yuan, respectively.
The remaining 10% and 51% stake will be acquired from CCCG and China Communications Real Estate for 70 million yuan and 357 million yuan, respectively, the filing added.
The company's shares fell less than 3% on the Shanghai bourse.
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