August 4, 2017 / 10:52 AM / 8 months ago

BRIEF-Geely Automobile announces disposal agreement with Zhejiang Haoqing

Aug 4 (Reuters) - Geely Automobile Holdings Ltd

* ‍Zhejiang Jirun entered into joint venture agreement with Zhejiang Haoqing and VCI​

* Fulin Guorun And Centurion, both being subsidiaries of company, entered into disposal agreement with Zhejiang Haoqing

* ‍JV company will be owned as to 50% by Zhejiang Jirun, as to 20% by Zhejiang Haoqing and as to 30% by VCI​

* Registered capital of JV company will be rmb7.50 billion

* Zhejiang Jirun, Zhejiang Haoqing and VCI have to form JV co to engage in manufacturing and sale of vehicles under Lynk & Co Brand

* Disposal at an aggregate consideration of rmb1.24 billion

* Expected that group will realize a gain on disposal of approximately rmb541.3 million

* Pursuant to disposal agreement Fulin Guorun and Centurion to dispose of their respective 8% and 91% stake in disposal co to Zhejiang Haoqing

* Disposal company is Zhejiang Kingkong Automobile Company Ltd Source text for Eikon: Further company coverage:

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