China Orient Asset Management plans to acquire around 19% of Citychamp Dartong Advanced Materials' (SHA:600067) unit, Datong (Fujian) New Materials, through debt-to-equity swaps and capital increase, according to a Shanghai Stock Exchange filing on Saturday.
Datong New Materials is a producer of high temperature resistant insulation materials and insulation moldings.
The asset manager will raise Datong New Materials' capital by 300 million yuan, subscribing for 98.4 million new shares through an established limited partnership.
The funds from the capital increase will be used to pay Datong New Materials' debt.
After the completion of the transaction, the real estate developer and its wholly-owned subsidiary, Fujian Guancheng Huitai Development, will own a total of 81% of Datong New Materials.
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