November 17 -- Shandong Chenming Paper ( 000488.SZ), a company mainly involved in the feed production and tap water supply businesses, plans to sell a 20 percent stake in Chibi Chenming Paper, and the entire 100 percent stake in Xianning Chenming Wood Development for 66 million yuan and 6.68 million yuan to Guangdong Huashen Investment Limited, reports 163.com, citing a company filing.

Chibi Chenming Paper was founded in July 2000 with a registered capital of 177 million yuan. Chenming Paper and Wuhan Chenming hold respective stakes of 20 percent and 31 percent in the company.

Wuhan Chenming has also agreed to sell its stake to Guangdong Huashen Investment for 102.3 million yuan.

Chibi Chenming Paper mainly processes and sells pulp and paper-related products, in addition to the transportation of goods and the operation of an import and export business.

Through the end of 2010, Chibi Chenming had audited total assets of 498 million yuan and total liabilities of 318 million yuan. It posted 2010 net profit of 28.47 million yuan on revenue of 35.7 million yuan.

Xianning Chenming Wood Development was founded in September 2008 with a registered capital of 10 million yuan. It is mainly involved in the wood planting and wood processing businesses.

Through the end of 2010, Xianning Wood had total assets of 28.76 million yuan and total liabilities of 32.67 million yuan. It incurred a loss of 3.91 million yuan.
 

Source:CapitalVue