China Knowledge reported that Huayu Automotive Systems Co Ltd an automobile and agricultural machine maker plans to acquire around CNY 316 million worth of assets from parent firm SAIC Group which also controls SAIC Motor Corp Ltd.
According to a statement on December 10 released by the Shenzhen listed firm, the buyer will acquire entire equities of Shanghai Sandmann Foundry Co Ltd for CNY 38.78 million a 50% stake in Shanghai Sachs Powertrain Components Systems Co Ltd for CNY 122 million and a 100% stake in Shanghai Xingfu Motorcycle Co Ltd for CNY 30.1 million.
Huayu Automotive Systems will spend not more than CNY 124 million to purchase two pieces of land both located in Jiading District, Shanghai from SAIC Group.
