Guangzhou Automobile Group (HKG:2238, SHA:601238) and its subsidiary GAC Capital decided to dispose of 18.82% equity interest in Guangzhou Juwan Technology Research to Guangzhou Automobile Industry Group, the controlling shareholder of the company, for 1.33 billion yuan.
The parties will enter into a definitive agreement for the disposal following approval from the board, a Tuesday Hong Kong bourse filing said.
Under the agreement, the company will dispose all of its 15.82% equity interest in the target company to the purchaser for 1.12 billion yuan, while GAC Capital will dispose of 3% equity interest it holds in the target to the purchaser for 212.0 million yuan.
Upon completion, the company will cease to hold any direct interest in the target, but will indirectly hold, through GAC Capital, 15.60% equity interest in the target.
The group expects to record an increase of 1.28 billion yuan in its net profit attributable to shareholders for the current year.
The company plans to use the proceeds from the disposal for the general working capital of the group.
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