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Ankai Bus sells bad assets to parent company for zero dollars
Shanghai. February 19 (Gasgoo.com) - Chinese bus and coach manufacturer Ankai Bus Co Ltd announced that it would transfer a 51 percent stake of Chongqing Ankai Bus Co. Ltd to its parent company Anhui Ankai Automobile Co., Ltd without any compensation.
Chongqing Ankai Bus Co. Ltd was unable to pay its debts with all its assets for years due to poor management. Therefore Ankai Bus Co decided to transfer these bad assets after obtained it for four years.
Chongqing Ankai Bus Co. Ltd was established in September 1998 and began operation in May 1999. With a total investment of 5.1 million yuan, Anhui Ankai Automobile held a 51 percent stake of the joint venture and Chongqing General Industry Company (Group) held the remaining 49% stake.
Anhui Ankai Automobile Co., Ltd produces both large and medium size coach and bus chassis. It is widely recognized as the third biggest producer of buses and bus chassis, which has a annual capacity of producing 5,000 completely built buses and 3,000 chassis.
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