Gansu Yasheng Industrial (Group) Co Ltd<600108> plans to acquire the agriculture-related assets worth around RMB 1.16 billion from its holding company based in Gansu, according to the company's statement filed with the Shanghai Stock Exchange on Wednesday.

Gansu Yasheng Industrial plans to issue 295.8 million new shares at RMB 3.91 apiece to its holding company in order to complete the acquisition.

The proceeds from the shares issuance will be used to acquire its holding company's ten pieces of land and seven farms and other related agricultural assets.

The move is expected to improve the core competitive strength of Gansu Yasheng Industrial.