NBTM New Materials' Associate to Buy Stake in Subsidiary Via 2.5 Million Yuan Capital Raise

MT Newswires Live11-12

NBTM New Materials' (SHA:600114) associate company plans to acquire 5% of the company's subsidiary, Shanghai Lunshang Technology, through a capital increase of 2.5 million yuan, according to a Shanghai bourse filing on Wednesday.

The associate, Ningbo Dongmu Guangtai Enterprise Management Partnership (Limited Partnership), will subscribe for Lunshang Tech's newly registered capital worth 53,162 yuan.

About 2.4 million yuan will be used for Lunshang's capital reserve.

Lunshang's registered capital will rise to around 1.1 million yuan from about 1 million yuan after the transaction.

The Chinese powder metallurgy new materials manufacturer's shares slipped less than 2% during the afternoon trade.

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