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Great Wall Motor buys auto-parts biz for 9.26 mln yuan

Ally From Gasgoo.com| August 01 , 2008 14:51 BJT

Shanghai, August 1 (Gasgoo.com) Great Wall Motor has acquired from its substantial shareholder, Dragonet International Co. Ltd., the entire issued share capital of Billion Sunny Development Limited and a shareholder's loan owed by Billion Sunny to Dragonet at a total consideration of 9.262 million yuan (US$1.36 million), Infocast News, a well-known information provider on the Hong Kong stock market, reported Thursday.

Billion Sunny holds 25% equity interest in some joint-venture companies whose major business activities are the manufacturing and sales of automobile parts and components. The joint-venture companies are Baoding Yixin Auto Parts Company Limited, Baoding Yimei Components and Accessories Company Limited, Tianjin Great Wall Wantong Automotive Parts Company Limited, Tianjin Great Wall Lean Automotive Parts Company Limited, Baoding Xinghui Lamp Manufacturing Co., Ltd and Baoding Best Automobile Spare Parts Co., Ltd.

Great Wall Motor has also entered into equity transfer agreements with Baoding Innovation Great Wall Asset Management Company Limited (a substantial shareholder of Great Wall Motor) and Baoding Ants Logistics Network Company Limited (a company wholly owned by Baoding Innovation) to acquire 75% equity interest in each of Baoding Xinghui and Baoding Yimei respectively both for 750,000 yuan. Therefore on completion of deal, Baoding Xinghui and Baoding Yimei will become wholly-controlled subsidiaries of Great Wall Motor.

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