Sundiro Holding Expects to Boost Assets by 117 Million Yuan Via Equity Donation
MT Newswires Live
Aug 12
Sundiro (SHE:000571) said its largest shareholder, Dalian Hesheng, will donate 15% equity in Lanpucheng to Sundiro's wholly-owned unit, Shanghai Lanpu, at zero cost.
The donated stake is valued at 779.0 million yuan, based on a third-party appraisal, and will increase Sundiro's attributable net assets by an estimated 116.9 million yuan, according to a Wednesday filing with the Shenzhen bourse.
The transaction, which requires shareholder approval, is part of efforts to resolve debt risks.
Shares of the coal producer and beef products manufacturer closed 9% lower Wednesday.
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.