CR Construction to Sell Environmental Services Business for HK$303 Million

MT Newswires Live10-21

CR Construction (HKG:1582) has conditionally agreed to sell its entire equity interest in a subsidiary to its controlling shareholder for 262.8 million yuan, equivalent to about HK$303.3 million.

The consideration will be paid in cash within two months of completion.

The transaction is subject to conditions, including approval by independent shareholders at an extraordinary general meeting.

The buyer indirectly holds about 72.23% of CR Construction, the filing said.

The target group engages in the construction, rehabilitation, and operation of sewage and reclaimed water treatment plants, water distribution plants, and related environmental infrastructure in mainland China.

Upon completion, it will cease to be a wholly owned subsidiary, and its financial results will no longer be consolidated into CR Construction Group's financial statements.

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