(Reuters) - Chinese independent refiner and petrochemicals producer Hengli Petrochemical has agreed to restructuring deals worth a total of up to $1.89 ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Chinese independent refiner and petrochemicals producer Hengli Petrochemical has agreed to restructuring deals worth a total of up to $1.89 billion for its subsidiary Kanghui New Material Technology, filings showed on Monday.
This will optimize Kanghui's structure and expand its funding channels, Hengli said in a filing to the Shanghai stock exchange. Hengli also said it will become indirect controlling shareholder of Kanghui after the transaction, retaining its control over the firm. The restructuring will also require Dalian Thermal to sell 652.2 million yuan worth of assets and liabilities to its current controlling shareholder, and to raise no more than 3 billion yuan in a private share placement to fund a new project for Kanghui's unit to manufacture materials such as polyester film, the filing showed.
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