GEM Sells Recycling Unit For 962.5 Million Yuan

MT Newswires Live11-04

GEM (SHE:002340) agreed to sell its controlling subsidiary's stake in the electronic waste and plastic recycling unit, Jiangxi Green Recycling Materials, for a total of 962.5 million yuan.

The total consideration includes the equity transfer price of 280 million yuan and the debt transfer price of 682.5 million yuan, according to a Shenzhen Stock Exchange filing on Tuesday.

GEM subsidiary Jiangxi Green Recycling Industry will sell the recycling unit to state-owned Henan Recycling Technology Industry Group.

The Chinese waste recycling company said the move is part of its goal to optimize its renewable resource assets and collaborate with state-owned enterprises.

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