Gansu Mogao Industrial Development (SHA:600543) fully acquired its joint venture unit, Gansu Mogao Hongyuan Agricultural, through the raising of the latter's capital, according to a Sept. 28 disclosure on the Shanghai Stock Exchange.
The Chinese manufacturer of film masterbatches and beverages subscribed 19.6 million yuan into Mogao Hongyuan's capital and acquired the remaining 49% it did not own in Mogao Hongyuan.
The company acquired the stake from its venture partner, Gansu Hongyuan Agricultural Technology.
Mogao Hongyuan also bought back the assets, such as machinery and office equipment, from Gansu Hongyuan for almost 31 million yuan, the disclosure said.
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