Zhejiang Glass sells 35pc in subsidiary for 904.6m yuan
Hong Kong-listed Zhejiang Glass said property and investment firm Zhejiang Sinhoo had agreed to pay 904.6 million yuan for a 35 per cent stake in its subsidiary, Qinghai Soda Ash.
The funds will be used to double annual production capacity to 1.8 million tonnes of soda ash, a raw material for making glass, the Zhejiang-based company said.
Zhejiang Glass said it could book a gain of 367 million yuan from the deal, which will dilute its stake in the soda ash arm to 60.279 per cent from the current 92.737 per cent. Carol Chan
Poly to book HK$44m gain after selling 51pc in Tianhe project
Poly (Hong Kong) Investments is selling a 51 per cent stake in a 6,057 square metre property development project in Tianhe district in Guangzhou to Skyfame Realty Holdings for HK$203 million. Poly is expected to book a disposal gain of HK$44 million from the transaction which will hand full control of the project to Skyfame.
