Sept 11 (Reuters) – Chinese independent refiner and petrochemicals producer Hengli Petrochemical (600346.SS) has agreed to restructuring deals worth a total of up to $1.89 billion for its subsidiary Kanghui New Material Technology, filings showed on Monday.
Under the restructuring, Kanghui will effectively become a separately listed company via transactions involving power and heating firm Dalian Thermal Power (600719.SS), which will buy 100% of Kanghui for 10.15 billion yuan ($1.39 billion) in shares.
This will optimize Kanghui’s structure and expand its funding channels, Hengli said in a filing to the Shanghai stock exchange. Hengli also said it will become indirect controlling shareholder of Kanghui after the transaction, retaining its…
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