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Grandblue Environment Plans 3 Billion Yuan Hanlan Foshan Acquisition, 1.2 Billion Yuan Fundraise

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Solid waste treatment services company Grandblue Environment (SHA:600323) filed a revised draft plan to acquire the remaining 43.48% of 56.52%-owned Hanlan Foshan via share and cash while raising up to 1.2 billion yuan in supporting funds, according to a Thursday filing with the Shanghai Stock Exchange.

The 3.00-billion-yuan transaction involves acquiring 100% of the High-Quality Fund from Nanhai Holdings, Advanced Manufacturing Fund and Hengjian Asset Management, plus 7.22% of Yuefeng Environmental Protection from Zhenda Development.

The deal is subject to review by the Shanghai bourse and registration with China's securities regulator.

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