Global New Material International (HKG:6616) plans to acquire a 29.89% stake in Zhejiang Jihua (SHA:603980) in partnership with its controlling shareholder Guangxi Hongzun Investment Group, according to a Hong Kong bourse filing Monday.
Under the conditional share transfer agreement, the firms plan to pay 1.49 billion yuan for the purchase.
Following the acquisition, Zhejiang Jihua will be treated as a non-wholly owned subsidiary of Global New Material.
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