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GRG Banking Equipment Subsidiary to Divest Stake in Yuling Shenying

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GRG Banking Equipment (SHE:002152) subsidiary Guangzhou GRG Banking Yintong Security Investment is looking to divest its 55% stake in Yulin Shenying through a public auction on the Guangzhou Property Exchange, according to a Saturday filing with the Shenzhen bourse.

The minimum listing price is set at 34.2 million yuan based on a valuation report, the filing said.

The sale is seen to help fund recovery and optimize business structure. Following the divestiture, Yulin Shenying will no longer be included in its consolidated financial statements.

Shares in the technology company fell 2% during afternoon trading on Monday.

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