China Recycling Development Corporation will inject assets worth US$293.17 million (CNY 1.8 billion) into Shaanxi Qinling Cement Co, becoming the latter's controlling shareholder.
Qinling Cement's current controlling shareholder, Tangshan Jidong Cement Co, plans to transfer 100 million shares in Qinling Cement to China Recycling at a price of CNY 2.75 each.
Meanwhile, Qinling Cement is said to be intending to sell all assets to Jidong Cement and issue additional shares to 11 investors including China Recycling to purchase shares in eight companies.
