--- title: "GREEN ENERGY GP terminates its plastic recycling business and sells its processing plant and equipment in Germany" type: "News" locale: "en" url: "https://longbridge.com/en/news/280083769.md" description: "GREEN ENERGY GP announced the termination of its plastic recycling business and the sale of two plots of land and buildings located in Germany for a transaction amount of €565,000 (approximately HKD 5.288 million). In addition, the group also sold its indirectly held machinery and office equipment of EnviroPlastics GmbH for €80,000 (approximately HKD 749,000). Due to the immense pressure faced by the German plastic recycling industry, the group decided to stop losses by selling related assets and reallocating resources to more profitable businesses. The expected net income after the sale is approximately €596,000 (approximately HKD 5.580 million)" datetime: "2026-03-23T01:29:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280083769.md) - [en](https://longbridge.com/en/news/280083769.md) - [zh-HK](https://longbridge.com/zh-HK/news/280083769.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/280083769.md) | [繁體中文](https://longbridge.com/zh-HK/news/280083769.md) # GREEN ENERGY GP terminates its plastic recycling business and sells its processing plant and equipment in Germany GREEN ENERGY GP (00979.HK) announced that its indirectly wholly-owned subsidiary EnviroAssets GmbH, as the seller, sold two plots of land with buildings to Hanse Prometheus GmbH for a real estate price of EUR 565,000 (approximately HKD 5.288 million) last Friday (20th). Additionally, EnviroPlastics GmbH, which is 90% indirectly owned by the group, sold machinery and office equipment to Reva Polymers GmbH for an asset price of EUR 80,000 (approximately HKD 749,000). The aforementioned real estate and assets consist of two plots of land located in Bünde, Germany, with areas of 3,602 square meters and 4,519 square meters, as well as industrial buildings and warehouses constructed on the land. The real estate was originally used by the group for business operations until the group terminated the operation of the processing plant last August to save costs. The assets include machinery and office equipment owned by the group. As of February 28 this year, the total book value of the real estate and assets was approximately EUR 742,000 (approximately HKD 6.945 million). The group indicated that, given the challenges and immense pressure facing the plastic recycling industry in Germany, its plastic recycling business has become increasingly difficult. Despite the group's efforts to maintain sales levels in a challenging environment, the overall market conditions remain extremely severe. In most cases, demand continues to be sluggish, with no signs of a sustained recovery. In light of the ongoing poor performance of the business since its operation, the board reassessed its commercial viability last year and decided that the group should stop losses by selling the real estate and assets used for operating the business and terminating operations. The board believes that reallocating the group's resources to other more profitable business segments may provide greater sustainable growth potential and better returns for the company and its shareholders. The board expects that, after deducting expenses and taxes directly related to the real estate sale, the net proceeds from the real estate sale will be approximately EUR 522,000 (approximately HKD 4.886 million); and after deducting expenses and taxes directly related to the asset sale, the net proceeds from the asset sale will be approximately EUR 74,000 (approximately HKD 693,000). The group will use the net proceeds from the above sales for general working capital. The group expects to recognize an unaudited loss of approximately HKD 1.408 million from the real estate sale. The group expects to recognize an unaudited loss of approximately HKD 78,000 from the asset sale ### Related Stocks - [GREEN ENERGY GP (00979.HK)](https://longbridge.com/en/quote/00979.HK.md) ## Related News & Research - [Green Energy Group Limited Board to Review Interim Results and Dividend](https://longbridge.com/en/news/275579034.md) - [My CPA mixed up my tax-return info with another client's. Is this a warning signal I shouldn't ignore?](https://longbridge.com/en/news/281408748.md) - [A Look At Fosun International (SEHK:656) Valuation After Recent Mixed Share Price Performance](https://longbridge.com/en/news/281035263.md) - [CICC Sticks to Its Buy Rating for C&D International Investment Group Ltd. (1908)](https://longbridge.com/en/news/280899096.md) - [CSC Financial Sticks to Their Buy Rating for Longfor Group Holdings (LNGPF)](https://longbridge.com/en/news/280898279.md)