China Hongqiao (HKG:1378) units entered into multiple agreements to sell certain assets and equity interest to three different parties, a Feb. 14 bourse filing said.
Units Binzhou Beihai Xinhe New Material andBinzhou Zhanhua Huihong New Material will sell certain assets related to the red mud project to extract iron from red mud to Shandong Lvxiang Resources Comprehensive Utilisation and Shandong Lvzhi Resources Comprehensive Utilisation, respectively.
Subsidiary Shandong Weiqiao Aluminum and Power will also sell the entire equity interest in Binzhou Hongtong Resources Comprehensive Utilisation to Shandong Weiqiao Renewable Resources.
Proceeds from the disposal of the target company, which engages mainly in the processing and comprehensive utilization of solid waste, will be used for general working capital.
On the same day, aluminum producer China Hongqiao agreed to procure industrial waste treatment services and acquire industrial goods from Binzhou Weiqiao Xinxing Industrial.
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