Hi-Tech Chemical Group, HaiKe’s 88.85%-owned subsidiary, has signed a share purchase deal with Xindu Group to buy 100 million shares in Dongying Hi-Tech Ruilin Chemical Co, representing 25% of the Hi-Tech Ruilin shares in issue for a total of RMB114m ($17.95m).
Upon completion of the acquisition, Hi-Tech Chemical’s shareholding in Hi-Tech Ruilin will increase from 49% to 74%.
HaiKe’s interest in Hi-Tech Ruilin will increase from 43.5% to 65.7%, the company said.
