Sinostar PEC Holdings (SGX:C9Q) has finalized its group restructuring, completing the sale of an 18% stake in Dongming Qianhai Reli for 27.9 million yuan and acquiring a 30% interest in Dongming Qianhai Petrochemical for 573.6 million yuan, according to a Tuesday filing on the Singapore Exchange.
Under the updated structure, Qianhai Reli is now fully owned by Shandong Hong Li Yuan, while Dongming Hengchang Petrochemical wholly holds Dongming Qianhai.
Hong Li Yuan is 99.61% owned by Sinostar PEC Executive Chairman, CEO and controlling shareholder Li Xiangping, while Hengchang Petrochemical is a wholly owned subsidiary of the company.
The company also agreed to extend the payment deadline for the second tranche of the Dongming Qianhai acquisition, totaling 286.8 million yuan, to April 30.
The funds will be sourced from an upcoming rights issue.
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