China Merchants Holdings (International) Co. Ltd. said on Friday its unit had agreed to sell an entire 30 percent stake in an automotive coating maker to the U.S.-based PPG Industries Securities Inc. for $28 million in cash.
PPG already owned 70 percent of the auto coating maker prior to the deal.
China Merchants, which invests in property, ports, highway and paint manufacturing, said in the statement that it would use the proceeds to fund future investment in ports and port-related business.
Shares of China Merchants, which rose 5.6 percent over the past month, fell 0.88 percent to HK$16.85 in early Friday morning.
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