Build King, Wai Kee Unit Sells 75% Stake in Sewage Treatment Plant Operator
MT Newswires Live2024-11-19
Wai Kee China Construction, a unit of Build King (HKG:0240) and Wai Kee (HKG:0610) agreed to sell 75.6% equity interest in Wuxi Qianhui Sewage Treatment to Wuxi Huicheng Water Group for a little over 124.9 million yuan.
Following completion, construction firm Wai Kee China Construction will continue to hold a 20% stake in the target firm, a joint Monday bourse filing said.
Proceeds from the disposal will be used by the Build King Group as its working capital.
Wuxi Qianhui Sewage Treatment engages in the construction and operation of a sewage treatment plant in Jiangsu Province, China, on a 30 year franchise from the local government.
Shares of the Build King closed over 4% higher on Tuesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
