Shengli Oil & Gas Pipe Holdings Limited (01080) said its subsidiary Zhejiang Shengguan Industries Company Limited has agreed to sell 45% equity interests in Shanghai Guoxin Industrial Co., Ltd (the target company) to Shenzhen Zhongcheng NEEQ Investment Corporation LLP for a total consideration of RMB200 million. Upon completion, the group will cease to hold any interests in the target company.
The target company principally engages in the business of selling chemical feedstock and products, mineral products, petroleum products, fuel products, coal, charcoal, nonferrous materials, metal materials.