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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.