Anhui Xingma Auto to buy Anhui Hualing Auto
(chinatrucks.com, Dec.3, 2009)Anhui Xingma Automobile Co Ltd<600375> announced yesterday that it plans to acquire Anhui Hualing Automobile Co Ltd by issuing 205 million shares via a private placement.
The company said in a statement filed with the Shanghai Stock Exchange that the issue price will be at least RMB 8.18 per share.
Hualing Automobile is valued at about RMB 1.68 billion, according to the statement.
Xingma Automobile said that the takeover of Hualing Automobile will increase its profit in 2010.
Hualing Automobile, which is mainly engaged in development, production and sale of heavy trucks, auto chassis and auto parts, realized a net profit of RMB 208 million in the first three quarters of this year. The company sold 10,560 vehicles and realized RMB 2.52 billion in sales revenue in the period.
By the end of September, Hualing Automobile had total assets of RMB 3.29 billion and total liabilities of RMB 2.45 billion.
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