First Tractor Seeks Repurchase of Stake in Chinese Leasing Firm; Shares Jump 9%

MT Newswires Live10-30 13:11

First Tractor (HKG:0038) asked BOL Financial Leasing to repurchase its 6.875% equity interest in the Chinese leasing firm after opposing its proposed merger with AB Leasing.

AB Leasing plans to absorb BOL Financial Leasing through a share exchange, with the latter's assets, liabilities, businesses and personnel to be transferred to AB Leasing upon completion.

First Tractor said in a Thursday Hong Kong bourse filing that the repurchase price remains undetermined. It will initiate legal proceedings if it cannot reach an agreement with BOL Financial Leasing within a certain period.

Shares of the tractor company jumped nearly 9% in Friday's afternoon trading.

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