Jardine Strategic to invest in China car distributor
It'll pay US$731m for 20% Zhongsheng stake, making it one of top 3 shareholders
JARDINE Strategic Holdings Ltd has agreed to invest US$731 million to buy a 20 per cent stake in Hong Kong-listed Zhongsheng Group Holdings Ltd, a distributor of Volkswagen, Porsche, Mercedes Benz and Audi cars in China.
The 83 per cent-held unit of Jardine Matheson created a buzz in Hong Kong and Singapore yesterday when it said it would subscribe for 238.56 million new Zhongsheng shares around HK$10.80 each and HK$3.09 billion (S$508 million) worth of convertible bonds which can be converted in 2017.
At HK$10.80 a share…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Binance’s rivals muscle in on Bitcoin trading around the world
BOJ will hike rates if trend inflation accelerates, says Ueda
Malaysia to build region’s largest chip design park in bid for top startup-hub status
British retailer JD Sports to buy US rival Hibbett for US$1.08 billion
Japan’s 7-Eleven convenience chain targets aggressive global growth
Renault Q1 sales rise 1.8%, helped by financing business