Qingdao Holdings Secures Buyer for 95% Stake in Construction Firm

MT Newswires Live

2024/11/22

Qingdao Holdings International (HKG:0499) secured a buyer for its 95% stake in Bengbu City Huai Yi Construction through a public tender on the Qingdao Property Rights Exchange.

Bengbu City Huaiying Investment and Management won the bid to acquire the stake for around 43.7 million yuan, a Friday bourse filing said.

The seller and buyer are expected to enter into a formal sale and purchase contract within the next five working days.

Upon completion of the disposal, Bengbu City Huai Yi Construction will cease to be a unit of education equipment producer Qingdao Holdings.

Qingdao said the disposal is intended to optimize resources and streamline the group's structure.

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