Qingdao Special Steel holds 57% of the equity interest in Qingdao Evergreen, and will have complete ownership of the company when the sale is completed.
EnGro Corporation (SGX:S44
) has disposed of its entire 43% equity interest in Qingdao Evergreen Materials and Technologies for RMB39.6 million ($7.4 million) after “extensive pressure” from the Qingdao Municipal Government.
The company, through its 80% owned subsidiary EnGro (Asia), entered into a sale and purchase agreement (SPA) with Qingdao Special Steel Co. on April 18 for the disposal of its shares in Qingdao Evergreen.
