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China Wood International Unit to Sell Holder of Wood Products Company; Shares Slip 4%

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China Wood International (HKG:1822) unit Fame Steps agreed to sell Asia Pacific Forestry Development (HK) to Yang Lei for HK$100,000, according to a Thursday Hong Kong bourse filing.

Shares of the trading materials firm were down nearly 4% in Friday afternoon trading.

The target engages mainly in investment holding and owns Qingdao Jinhuifeng Wood Industry, which engages in the processing and distribution of wood products.

The disposal will allow the company to optimize its business structure by selling the lower-margin pine/fir wood processing and distribution wing.

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