Shandong Molong (00568) will transfer approximately 169 million yuan of debt from Shouguang Baolong to a vegetable wholesale company.
Shandong Molong (00568) announced that the board of directors has agreed for the company to cooperate with Shandong Shouguang Vegetable Wholesale Market Co., Ltd. (hereinafter referred to as "...".
Shandong Molong (00568) announced that the board of directors has approved the company's agreement with Shouguang Vegetable Wholesale Market Co., Ltd. (referred to as "Vegetable Wholesale Company") and Shouguang Baolong Petroleum Equipment Co., Ltd. (referred to as "Shouguang Baolong") to sign a "Tripartite Agreement". According to the agreement, the company will transfer its debt of approximately 169 million yuan to Shouguang Baolong to Vegetable Wholesale Company, and Vegetable Wholesale Company will pay a consideration of 84 million yuan in cash and land and buildings valued at 85.1198 million yuan. After this transaction is completed, Shouguang Baolong will still owe the company about 292 million yuan.
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