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Stake purchase
By Cao Qian |
December 8, 2010, Wednesday
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Print Edition
Print Edition
CHINA CNR Corp, one of the nation's two major train manufacturers, yesterday announced it plans to acquire the entire stake of a Shenyang train car maker as part of the company's latest effort to further expand its market share.
Under its plan, CNR will pay 1.003 billion yuan (US$150.8 million) for a 100 percent stake in Shenyang Locomotive Co, which is a subsidiary of China Northern Locomotive and Rolling Stock Industry (Group) Corp, or CNR's parent, according to a filing to the Shanghai Stock Exchange.
The acquisition will help boost CNR's competitive edge and pave the way for the company's future refinancing capabilities, it said in the filing. By September, total assets of Shenyang Locomotive stood at 3.048 billion yuan.
Under its plan, CNR will pay 1.003 billion yuan (US$150.8 million) for a 100 percent stake in Shenyang Locomotive Co, which is a subsidiary of China Northern Locomotive and Rolling Stock Industry (Group) Corp, or CNR's parent, according to a filing to the Shanghai Stock Exchange.
The acquisition will help boost CNR's competitive edge and pave the way for the company's future refinancing capabilities, it said in the filing. By September, total assets of Shenyang Locomotive stood at 3.048 billion yuan.
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