Shanghai Conglin Environmental Protection Technology (SHA:688370) plans to invest 68 million yuan to acquire a stake in Guangxi Fusion Bioenergy Technology and increase its capital, according to a Shanghai Stock Exchange filing on Wednesday.
Guangxi Fusion Bioenergy is a processor and trader of industrial oils, biodiesel and bioplasticizers.
The Chinese hazardous waste disposal services provider will acquire 21% of Guangxi Fusion Bioenergy from Xiamen Nuohongsheng Trading for 31.5 million yuan and will increase its capital by 36.5 million yuan.
After the transaction, Conglin will own 34% of Guangxi Fusion Bioenergy. The latter's registered capital will also rise to 200 million yuan.
The company's shares closed over 3% lower.
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