The bid for Qingdao Holdings International's (HKG:0499) indirect 95% equity stake in Bengbu City Huai Yi Construction and Development was won by Bengbu City Huaiying Investment and Management at 43.7 million yuan in a public tender on Thursday, a Friday Hong Kong bourse filing said.
The education equipment producer company's subsidiary NEQH Development and Construction, the direct holder of the for-sale equity stake, is expected to enter a formal agreement with the bid-winner within five working days from Thursday.
Upon completion, Bengbu City Huai Yi Construction and Development will cease to be a subsidiary of the company.
The group expects a gain of 4.1 million yuan from the disposal. The net proceeds from the disposal are expected to amount to 41.4 million and the company plans to use them for the general working capital of the group.
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