China Merchants sells $28 mln stake in coating maker

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.

600450 China Merchants sells $28 mln stake in coating maker

See more news about:

Others also read

Emirates Glass, a Dubai Investment subsidiary, has won a major contract to supply 140,000 square meters of its premium glass to the prestigious development on the Palm Jumeirah, reaffirming its already established reputation as the single most prominent company in the entire regional glass industry.The deal was announced during the company's participation in the prestigious Big 5 show, the largest annual venue for the entire Middle-East glass contracting industry.
Isra Vision Systems AG supplier of machine vision systems, has successfully improved its market position in display glass inspection with a major order totalling 1.8 Mio Euro.
Packagers such as the UK's Rexam and private equity firms are set to vie for pump-sprayer business Calmar, which France's Saint-Gobain (SGOB.
Jain Scientific Glass Works, manufacturers of glassware for laboratories, is importing glass as raw material from China, which was much cheaper than the local product and abundantly available.
The National Lime & Stone Co. will discontinue production of calcined lime early next month at its Carey plant, the company CEO announced Thursday.
The following stocks are moving in Japanese markets today. Prices are as of 12:55 p.m. at the Tokyo Stock Exchange. Stock symbols are in parentheses after company names.

Add new comment