Do-Fluoride New Materials to Offload Majority Stake in Subsidiary for 230 Million Yuan
Do-Fluoride New Materials (SHE:002407) plans to sell 70% of its subsidiary, Ningxia Tianlin New Materials Technology, for 229.6 million yuan, according to a Shenzhen bourse filing on Wednesday.Zhejiang Yonghe Refrigerant (SHA:605020) will acquire the fluorochemical materials producer's stake.After the transaction, Do-Fluoride will retain its 30% holdings in Ningxia Tianlin.The chemical manufacturer's shares fell 2% during the midday trade.