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Moon Environment to Buy 45% Stake in Yantai Mingxiang for 703 Million Yuan

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Industrial equipment manufacturer Moon Environment Technology (SHE:000811) has agreed to acquire a 45% equity stake in Yantai Mingxiang for 702.5 million yuan.

The deal includes a 30% stake from controlling shareholder Yantai Guofeng and 15% from Yantai Hehong, according to a Wednesday filing with the Shenzhen bourse.

Yantai Mingxiang holds a 47.93% stake in Yantai Ishikawa Sealing Technology (SHE:301020). Upon deal completion, Moon Environment Technology and its subsidiary will control 67% of Yantai Ishikawa Sealing Technology.

Shares of Moon Environment Technology rose 4% in recent trade.

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