Shandong Hontron Aluminum Industry (SHE:002379) will acquire all equity interests in Shandong Hongtuo Industrial, according to a Monday filing by parent China Hongqiao (HKG:1378) with the Hong Kong Exchange.
Hontron will issue new shares to existing shareholders of Hongtuo Industrial, including Shandong Weiqiao Aluminum & Power, as payment for the acquisition, the filing said.
After the transaction, Hongqiao's shareholding in Hontron will rise, while Hongtuo will remain a subsidiary of Hongqiao through Hontron, the filing said.
The transaction is seen to improve the securitization of Hongqiao's assets and help boost long-term development, the filing said.
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