Hebei-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. (Xinxing Ductile Iron Pipe) has announced that it has signed an agreement with Beijing-based Xinxing Cathay International Group Co., Ltd (XXCIG) according to which it will receive from XXCIG 192.85 million shares in Jihua Group Co., Ltd.( Jihua Group) worth a total of RMB 1.6267 billion ($0.24 billion) as payment.
Previously, Xinxing Ductile Iron Pipes had decided to transfer to XXCIG its 48 percent stake in Xinjiang Autonomous Region-based company Xinjiang Kingtec Steel Co., Ltd, its 100 stake in Xinjiang-based Xinxing Ductile Iron Pipes Xinjiang Co., Ltd and its 55 percent stake in Xinjiang-based Xinjiang Kingtec International Trading Co., Ltd for a total of RMB 2.723 billion ($0.41 billion).