Western Resources Concluded the 1.2 Billion Purchase of Hengtong Bus
26 May 2014
www.chinabuses.org: On May 21, Western Resources anounced that it received two trading notifications issued by Chongqing United Assets and Equity Exchange concerning 59% stake of Chongqing Hengtong Bus as well as 57.55% stake of Chongqing Transportation Equipment Financing Leasing Co., Ltd on April 20th 2014. According to the two nofications, Western Resources became the sole transferee of intent for the abovementioned share projects and the final price was the listed price, which stood at 119,600,290 RMB.
On April 16, Western Resources discussed and passed a plan of non-public offering to raise no more than 3.618 billion yuan by issuing shares towards four companies, including Sichuan Hengkang Development Co., Ltd., which is the controlling shareholder. The money raised will be used on purchasing 80% stakes of Shenzhen Wuzhoulong Auto, increasing its stakes of Chongqing Hengtong Bus to 59%, acquiring 57.55% stakes of Chongqing Transportation Equipment Financing Leasing Co., Ltd, and taking in 35% stakes of Chongqing Hengtong Electric Bus. On Apr. 18, the company announced the plan and the trading resumed.
Source : www.chinabuses.org
Editor : Mark
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