Shandong Molong Petroleum Machinery (HK:0568) has released an update.
Shandong Molong Petroleum Machinery Company Limited has announced its board’s approval for the potential sale of its wholly-owned subsidiaries, Shouguang Maolong New Material Technology Development Co., Ltd. and Shouguang Molong Logistics Co., Ltd. The disposal of these subsidiaries will result in their financials no longer being consolidated in the company’s financial statements. Currently, there is no potential buyer, and the specifics of the transaction are yet to be finalized.
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