China Merchants China Direct Investments (00133) said it entered into a conditional equity transfer agreement in relation to the disposal of its entire 25.91% equity interests in Shandong Jinbao Electronics to Zhaoyuan Changlin Industrial for Rmb104.55 million.
In 1993, China Merchants participated in the formation of Jinbao as a sino-foreign equity joint venture and an aggregate of US$7.85 million in cash has been invested.
China Merchants considers that the above disposal will enable the company to exit from and realize its returns in such investment spanning 20 years and will provide a sum of working capital.
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