Shandong Molong Petroleum Machinery (HKG:0568, SHE:002490) agreed to sell Shouguang Maolong New Materials Technology Development for a little over 203.0 million yuan.
Shougang Maolong is primarily engaged in producing and selling castings and forgings. It has been incurring losses since 2022.
The group expects a net gain of 86 million yuan from the disposal. It plans to use the disposal proceeds for working capital, a Monday filing with the Hong Kong Exchange said.
The petroleum machinery manufacturer's shares closed nearly 4% lower on Monday.
Price (HKD): $1.23, Change: $-0.050, Percent Change: -3.91%
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