GEM (SHE:002340) plans to sell its entire stake in South Korean battery material maker EcoPro Materials (KRX:450080), according to a Shenzhen Stock Exchange filing on Feb. 27.
The Chinese battery manufacturer owns 3% of EcoPro Materials, representing about 2 million shares, through its subsidiary, Jingmen GEM New Materials.
The proceeds from the sale will be used to fund the construction of a green nickel resource park in Indonesia, the filing said.
GEM's shares rose less than 3%, while EcoPro Materials' shares slumped less than 8% in recent trade.
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