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GRINM to Offload Two Subsidiaries for 698 Million Yuan

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GRINM Advanced Materials (SHA:600206) plans to dispose of two of its subsidiaries for a total of 697.5 million yuan, according to a Shanghai bourse filing on Wednesday.

The advanced materials manufacturer will offload its 45% stake in GRINM Rare Earth New Materials and 51% of GRINM Guojinghui New Materials for 454.2 million yuan and 243.2 million yuan, respectively.

China General Research Institute of Mining & Metallurgy Technology Group will acquire the stake.

After the completion of the transaction, both subsidiaries will no longer be consolidated in the company's financial statements.

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