Wuliangye Yibin to divest stake in furun investmen

October 26 -- Wuliangye Yibin (000858) plans to sell its entire 10 percent stake in Sichuan Furun Corporate Restructuring Investment for 12.9 million yuan, reports Chengdu Business Daily, citing a company filing.

The other two shareholders of Furun Investment; the State-owned Assets Supervision and Administration Commission of Sichuan Province (SASAC Sichuan) and the Sichuan State-owned Assets Investment Management, have both given up their rights of first refusal.

The board secretary of Wuliangye Yibin, Xiao Xiangfa, said the stake sale had nothing to do with a change of strategy on the part of Wuliangye Yibin, and was done to meet the request of Furun Investment to restructure.

According to the plan by SASAC Sichuan, Furun Investment will be developed into a large professional investment institution controlling assets of more than 10 billion yuan during the 12th Five-Year Plan period, with its registered capital to be boosted from 100 million yuan at present to several billion yuan.