BEIJING, Dec 8 (Reuters) – State-owned conglomerate Metallurgical Corporation of China (MCC) and its unit have agreed to sell assets, including a property firm, to China Minmetals for 60.7 billion yuan ($8.59 billion), a stock exchange filing showed on Monday.
MCC will transfer a 100% stake in MCC Real Estate Group and related debt claims against the firm to Minmetals’ property unit, Minmetals Land, the filing showed.
MCC and its wholly-owned subsidiary China Huaye have also agreed to sell stakes in five other firms to Minmetals or entities designated by Minmetals.
State-owned metals and mining giant Minmetals is MCC’s controlling shareholder.
The deal is aimed at optimising business structure, MCC said in the filing, adding that it would divest non-core assets and focus on core businesses.
($1 = 7.0678 Chinese yuan renminbi)
(Reporting by Yukun Zhang and Joe Cash; Editing by Bernadette Baum)
