Geely Automobile's (HKG:0175) subsidiary Zhejiang Passenger Vehicle agreed to acquire the entire equity interest of Ningbo Geely Passenger Vehicle Manufacturing from Geely Holding for 123.7 million yuan.
The company also agreed to provide integrated services related to assembling fully functional vehicles to the Volvo Car (China) Investment Group, the Livan Group, and the Farizon Technology Group for three years ending Dec. 31, 2026, a Monday Hong Kong bourse filing said.
The total annual caps for the integrated services are set at 16.0 million, 98.4 million, and 127.4 million yuan for the three years and the integrated services include processing services, value-added services, and testing services among others involved in assembling components into fully functional vehicles.
Ningbo Geely Passenger will become an indirect wholly-owned subsidiary of the company and the acquisition will be funded by the internal cash reserve of Zhejiang Passenger Vehicle.
The automobile manufacturer's shares closed 1% higher on Monday.
Price (HKD): $12.74, Change: $+0.14, Percent Change: +1.11%
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