Zhitong Finance App News, Shanghai Petrochemical Co., Ltd. (00338) issued an announcement. The company's board of directors reviewed and approved the company's intention (as the seller) to sign a procurement contract with Sinopec Catalysts Co., Ltd. Precious Metals Branch (Precious Metals Branch) (as the buyer) on April 24, 2024. Based on this, the company sold its underlying assets to the Precious Metals Branch, which paid the Company approximately RMB 236 million (total tax included). The procurement contract will be signed before April 30, 2024.

According to reports, the target asset is 139.5715 tons of silver-containing waste catalysts held by the company.

The announcement stated that transactions under the procurement contract are conducive to revitalizing the company's idle assets and optimizing the company's asset structure. The board of directors believes that the Precious Metals Branch is in good financial condition and has due payment capacity. Transactions under the procurement contract are conducive to improving the company's future financial situation, and will not have a significant impact on the company's future operating results; they will not result in additional connected transactions, competition in the industry, or the company's controlling shareholders and their related persons taking up non-operating capital of the company.