May 24, 2017 / 2:32 PM / 2 months ago

BRIEF-Grand Baoxin Auto Group announces disposals of stake in disposal companies

1 Min Read

May 24 (Reuters) - Grand Baoxin Auto Group Ltd

* Entered into Baoxin Finance disposal agreement with CGA HK

* Entered into Dalian Huiyu disposal agreement I with CGA HK, to sell, 25.55 percent of equity interest of Dalian Huiyu

* Shanghai Jida entered into Dalian Huiyu disposal agreement ii with Shanghai Huiyong

* Aggregate consideration under disposal agreements is approximately RMB5,250 million

* Pursuant to Dalian Huiyu disposal agreement II Shanghai Jida has agreed to sell 74.45% of equity interest of Dalian Huiyu

* Pursuant to Baoxin Financial deal, co agreed to sell, CGA HK agreed to purchase, entire equity interest of Baoxin Finance

* Company expects to record a gain of approximately rmb10 million in respect of baoxin finance disposal

* Company expects to record a gain of approximately rmb3 million in respect of dalian huiyu disposal Source text for Eikon: Further company coverage:

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