Chinese conglomerate China Resources Enterprise said on Tuesday it will splash out $8.2 million on buying total control of seven textile firms from its subsidiary in order to centralise operations.

In a news release, the company said its wholly owned subsidiary, CR Textiles Investment, would buy the outstanding minority stakes in the Shandong-based spinning and weaving companies from China Resources Textiles.

It added the price represented a 53.6 per cent discount to the unaudited net asset value of the target companies.