Ningbo Water Meter (Group) (SHA:603700) plans to transfer its entire 100% stake in its wholly owned subsidiary, Cixi Ning Shui Instrument Technology to individual buyers Yu Danyan and Cai Jichang for 57.0 million yuan, according to a Monday filing with the Shanghai bourse.
The deal was approved by the company's board on Jan. 22. It does not require shareholder approval and is not classified as a major asset restructuring.
The company will exclude the subsidiary from its consolidated financial statements upon completion of the deal. The transaction remains subject to contract signing and regulatory approvals.
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