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BlueStar to offload shares in subsidiary

By Tong Hao (chinadaily.com.cn)
Updated: 2009-03-11 14:08

China National BlueStar (Group) Co, a State-owned chemical enterprise, plans to offload all of its shares in its subsidiary BlueStar Cleaning Co.

BlueStar Group will sell 81.92 million shares, or 27.08 percent of Shenzhen-listed BlueStar Cleaning's total, according to a statement the Shenzhen-listed company filed on Tuesday.

The statement did not say how much BlueStar, which has three listed arms, will get from the share sale.

It is seen as a step by the BlueStar Group to consolidate its assets and get them all listed in the future, analysts said.

Shares of the BlueStar Cleaning Co, an industrial detergent producer, have suspended trading since March 5.

The Blackstone Group purchased 20 percent of BlueStar Group's stake for $600 million in October 2008.