Baoxin buys to bolster network
Source: Bloomberg News |
August 31, 2012, Friday
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Print Edition
Print Edition
BAOXIN Auto Group Ltd, the smallest Chinese mainland car dealer listed in Hong Kong, agreed to buy NCGA Holdings for US$305 million to bolster its showroom network in the northern region of the country.
Baoxin will pay US$232 million in cash, issue US$58 million in bonds to NCGA's owners and offer US$14.6 million in new shares, the Shanghai-based firm said in a statement to the Hong Kong stock exchange yesterday. The purchase will help Baoxin lift its number of dealerships by 36 percent and add Porsche and Volvo to its collection of luxury vehicle brands.
Baoxin will pay US$232 million in cash, issue US$58 million in bonds to NCGA's owners and offer US$14.6 million in new shares, the Shanghai-based firm said in a statement to the Hong Kong stock exchange yesterday. The purchase will help Baoxin lift its number of dealerships by 36 percent and add Porsche and Volvo to its collection of luxury vehicle brands.
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