Zhejiang Huayou Cobalt (SHA:603799) plans to invest 958.2 million yuan to jointly construct the Huayou Group Headquarters Science & Technology Building with controlling shareholder Huayou Holding.
Total project cost stands at 1.48 billion yuan, with Huayou Holding contributing 525.1 million yuan, according to a Wednesday filing with the Shanghai bourse.
Upon completion, Huayou Cobalt will hold a 64.6% property stake, while Huayou Holding will get 35.4%.
Shares of Huayou Cobalt rose 5% in recent trade.