China Evergrande New Energy Vehicle Potential Buyers and Sellers Enter SPA

MT Newswires Live05-27

China Evergrande New Energy Vehicle Group (HKG:0708) said that after due diligence the potential seller and potential purchaser are willing to enter a sale and purchase agreement (SPA) for about 3.14 billion shares, representing 29% of the share capital, which would be acquired immediately, according to a Sunday filing on the Hong Kong bourse.

The remaining roughly 3.20 billion shares held by the potential sellers, which include joint liquidators for and on behalf of China Evergrande Group, which is currently being liquidated, Evergrande Health Industry Holdings, and Acelin Global, will be subject to options exercisable by the potential sellers until completion of a period based on the SPA.

The potential purchaser will forward a line of credit to the group, which is suffering from a severe shortage of funds. These funds will help the electric vehicle business, according to the filing. The companyâs Tianjin factory stopped production at the start of the year and has yet to restart.

In light of the new developments, the company has requested a resumption of trading in its shares on the Hong Kong bourse.

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