Shanghai (Gasgoo)- JAC Motors and China National Machinery IMP. & EXP. CORP (CMC) struck a deal on May 21 to acquire a total of 51% stake in AllurGroup, the biggest automobile group in Kazakhstan.
“The acquisition signifies an important outset for JAC Motors to develop markets in the customs union and globalize the company in Central Asian markets,” said Xiang Xingchu, general manager of JAC Motors.
According to the introduction from the target company’s official website, AllurGroup is an official distributor, manufacturer and dealer of Peugeot, Iveco, JAC, Ankai, HOWO, manufacturer of Hyundai, Ravon, Niva Chevrolet, and official dealer of Suzuki, Mitsubishi, Ravon and Ford in Kazakhstan. It is also a shareholder of SaryarkaAvtoProm LLP, the largest automobile manufacturing enterprise in Kazakhstan.
CMC, a wholly-owned subsidiary of China General Technology (Group) Holding, Limited (Genertec), is a large international project developer, a contractor in offering services to project management and a supplier of services for automobile industry. It had signed an investment agreement in last December on acquiring shares in SaryarkaAvtoProm LLP.
The latest acquisition is part of outcomes for JAC Motors and CMC in response to the “Belt and Road” initiative and “China-Kazakhstan Capacity Cooperation” program. It is reported that JAC Motors has deployed marketing networks in over 130 countries across South America, Africa, the Middle East, Southeast Asia, Southwest Asia and Eastern Europe, and set up 19 plants outside China.
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