Shanghai Chemspec Corporation (688602.SH) plans to transfer all equity interests it holds in Anhui Mituo.

Shanghai Chemspec Corporation (688602.SH) announced that the company plans to transfer all of its equity interests in its associate company Anhui Mituo New Material Technology Co., Ltd. ("Anhui Mituo" or the "Target Company") to Shandong Ruifeng Chemical Co., Ltd. ("Shandong Ruifeng Chemical") for RMB 113 million. At the same time, the company will waive its right of first refusal in respect of the equity transferred by other shareholders of Anhui Mituo in this transaction, as well as its preemptive right to subscribe to any newly added registered capital of Anhui Mituo. Upon completion of this transaction, it will help optimize the company's industrial layout, focus on its core business, and promote the company's healthy and sustainable development. The company will no longer hold any equity interest in Anhui Mituo, and the final impact on the company's profit or loss shall be subject to the results confirmed by the annual audit.