Guangzhou Automobile Group to Divest Equity in Subsidiary as Part of Capital Increase Deal

MT Newswires Live10-15

Guangzhou Automobile Group (HKG:2238) will dispose of its equity interest in subsidiary GAC Leasing as a result of a capital increase agreement with CrÃ©dit Agricole Personal Finance & Mobility, a Tuesday filing with the Hong Kong Exchange said.

Under the deal, GAC Leasing's registered capital will be enlarged to 3.4 billion yuan from 1.7 billion yuan, 50% of which will be subscribed for by CrÃ©dit Agricole for 2.13 billion yuan.

Upon completion, Guangzhou Automobile Group's share capital in GAC Leasing will be reduced to 50% from 100%, constituting a deemed divestment of the subsidiary.

GAC Leasing plans to use the proceeds to expand its business and support the sales of the group's new vehicles.

The automobile manufacturer's shares closed nearly 6% lower at Tuesday's close.

Price (HKD): $2.66, Change: $-0.16, Percent Change: -5.67%

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