The following companies saw new developments that may affect the trading of their securities on Tuesday (Dec 19):
Nio (NIO): Electric vehicle maker Nio has signed a pact for an investment of $2.2 billion from CYVN Holdings, an investment vehicle based in Abu Dhabi, the Chinese company said on Monday.
The investment comes as Nio, with its EV sales and profitability under pressure in a price war started by Tesla, has sought to boost efficiency by cutting a tenth of the workforce and deferring non-core projects.
The deal, expected to close in the final week of December, would take CYVN's shareholding to 20.1% of Nio's total issued and outstanding shares, following an investment of $1 billion in July, Nio said in a statement on its website.
That would make CYVN the largest single shareholder of Nio, although founder and chief executive William Li retains the most voting power, with his ownership of Class 'C' ordinary shares.
CapitaLand India Trust (CY6U): CapitaLand India Trust (Clint) has acquired two industrial facilities in Mahindra World City, Chennai, for 1.8 billion rupees (S$28.7 million) – or below their total open market value of 1.9 billion rupees as at Nov 30, 2023.
On Tuesday (Dec 19), Clint’s trustee-manager said it expects the transaction to be fully funded by debt and internal cash resources.
“This investment underscores Clint’s further expansion of its portfolio to include high quality industrial and logistics assets,” said Sanjeev Dasgupta, chief executive of the trustee-manager.
Clint’s portfolio in Chennai now comprises two business parks, three industrial facilities, and a data centre under development in Ambattur which is expected to be completed in 2025.
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