Chinese battery metal company GEM (SHE:002340) expects to earn 922.1 million yuan from the disposal of three subsidiaries to Henan Recycling Technology Industry Group.
The amount includes government grants of 242.2 million yuan handed down to the subsidiaries, according to a Shenzhen Stock Exchange disclosure on Dec. 27.
The company's subsidiary, Jiangxi Green Recycling, will offload 100% of Henan Green Recycling Electronic Waste Disposal and Inner Mongolia Xinchuang Resource Recycling, as well as 90% of Shanxi Hongyang Seagull Waste Electrical and Electronic Products Recycling and Processing for a total of 679.9 million yuan.
Three national designated electronic waste disposal companies in the Chinese provinces of Henan, Shanxi and Inner Mongolia will also be disposed along with the subsidiaries.
The funds earned will be used to pay debt and fund projects such as a recycling system for rare and dispersed metals like germanium, gallium, indium, platinum, palladium, rhodium and rare earths.
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