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New Concepts Takes 70% Stake in Chinese Waste Oil Firm

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New Concepts Holdings (HKG:2221) has agreed to take a cumulative stake of 70% in a waste oil processing firm for 12.8 million yuan, according to a bourse filing on Thursday.

The construction company said it will issue roughly 14.9 million new shares to the sellers in three tranches in exchange for their equity stakes.

The move will help New Concepts expand its waste oil processing network in China's Anhui province.

Following the completion of the transaction, the sellers will own a 6.1% stake in New Concepts.

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