Shanghai Yuyuan Tourist Mart (SHA:600655) and subsidiaries will sell their entire stake in Ningbo Xingjian Asset Management to Ningbo Plastics for 150 million yuan, according to a Wednesday filing with the Shanghai bourse.
Ningbo Plastics is a distributor of polyethylene to Sinopec (HKG:0386, SHA:600028), Zhejiang Petrochemical, and Saudi Petrochemical in eastern China, the filing said.
Once the transaction is complete, Ningbo Xingjian will be deconsolidated from the company's financial statements.
Shares closed 2% higher on Wednesday.
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