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.
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