Xinxing Ductile Iron Pipes (SHE:000778) agreed to invest 175 million yuan into a joint venture it will establish with its controlling shareholder and subsidiary, according to a Shenzhen bourse filing on Wednesday.
The planned venture, Xinxing Jihua Supply Chain, will sell Class II medical devices and recycled resources. Its registered capital will be 500 million yuan.
The Chinese ductile iron pipes manufacturer will hold 35% of the venture
Xinxing Jihua Group, the controlling shareholder, and Jihua Group, the subsidiary, will own 40% and 25%, respectively, after investing 200 million yuan and 125 million yuan.
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