China Evergrande to pay $2.1 bln for minority stake in Guanghui Group

Grand Baoxin Auto

24/09/2018 04:48

HONG KONG, Sept 24 (Reuters) - Property developer China
Evergrande Group  3333.HK  said it would pay some $2.1 billion
for a minority stake in Guanghui Group, becoming the
second-biggest shareholder in a company which has energy and
vehicle sales businesses.
    It said in a statement it will acquire 40.96 percent stake -
23.87 percent of which will be bought directly from 
shareholders while it will also inject 7.81 billion yuan in
capital. Guanghui group also has logistics and real estate
businesses.
    Evergrande has been diversifying into other sectors and in
June, its unit Evergrande Health  0708.HK  said it would buy 45
percent of electric car vehicle startup Faraday Future.
 urn:newsml:reuters.com:*:nL4N1TS1Z2
    Shares of Grand Baoxin Auto Group  1293.HK , an indirectly
owned unit of Guanghui, soared as much as 44.4 percent on Monday
morning to their highest levels in more than three months.
   
($1 = 6.8559 Chinese yuan)

 (Reporting by Clare Jim; Editing by Edwina Gibbs)
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters
Messaging: clare.jim.thomsonreuters.com@reuters.net))