Liaoning, China – Dalian Rubber & Plastics Machinery (DRPM)’s controlling shareholder Dalian State-Owned Assets Investment & Management Group signed an agreement on 20 Aug to sell a 30-percent stake in the company at 1.17 billion yuan (€161 million), said a DRPM announcement.
The holding will be acquired by Hengli Group, a major chemicals conglomerate in China, which will become DRPM’s largest shareholder after the transaction. Dalian SAIM Group will continue to hold an 11.6-percent stake.
This is part of a series of transactions of DRPM’s assets reorganisation program. Under the programme Dalian SAIM Group will set up a new subsidiary to take over all assets and businesses currently under DRPM.
DRPM will also acquire a 99.99 percent stake in Hengli Chemical Fiber, a subsidiary of Hengli Group, and be rechristened as Dalian Hengli Petrochemical when the programme is completed.