China Hongqiao Group's (HKG:1378) subsidiary Shandong Hontron Aluminum Industry Holding (SHE:002379) plans to acquire the entire 100% equity interest in Shandong Hongtuo Industrial by issuing new shares to the existing shareholders of the target, a Monday Hong Kong bourse filing said.
Weiqiao Aluminum & Power, another subsidiary of the company, is among the existing shareholders of the target.
Upon completion, the company's shareholding in Shandong Hontron Aluminum Industry Holding will increase, with both the buyer and the target staying as subsidiaries of the group.
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