In order to settle bank debt, finance possible investment in new projects and raise working capital, Prosperity International Holdings (HK) Limited (Prosperity International) aims to generate CNY 484.10 million (€72.53 million/US$78.12 million) in net proceeds from the disposal of a 15% shareholding worth CNY 580.80 million in Anhui Chaodong Cement Co Ltd (Chaodong Cement).
Prosperity International will likely gain around HKD 339.50 million from the share sale. The shares will be purchased by Anhui Xinli Investment Group Company Limited (Anhui Xinli).
An Equity Transfer Agreement has been signed by Anhui Xinli and Prosperity International regarding the deal. China-based Anhui Chaodong Cement produces and sells light steel structure, clinker, portland cement and other construction materials.
