Brief: Entity Related To Baoneng Group To Become Controlling Shareholder In Qoros

Kenon Holdings

08/01/2018 22:55

Jan 8 (Reuters) - Kenon Holdings Ltd  KEN.N : 
    * ENTITY RELATED TO BAONENG GROUP TO BECOME CONTROLLING 
SHAREHOLDER IN QOROS 
    * KENON HOLDINGS LTD - AS PART OF INVESTMENT AGREEMENT, 
KENON 
WILL HAVE A PUT OPTION TO SELL ITS ENTIRE REMAINING STAKE IN 
QOROS 
    * KENON HOLDINGS LTD -  AS PART OF INVESTMENT AGREEMENT 
INVESTOR 
WILL HAVE AN OPTION TO INCREASE ITS STAKE TO 67% IN QOROS 
    * KENON HOLDINGS LTD - CHINA-BASED INVESTOR RELATED TO 
BAONENG 
GROUP AGREED TO INVEST ABOUT RMB6.63 BILLION FOR CONTROLLING 
INTEREST IN QOROS 
    * KENON HOLDINGS - QOROS WILL BE REQUIRED TO REPAY 
OUTSTANDING 
SHAREHOLDER LOANS TO EACH OF KENON AND CHERY IN PRINCIPLE AMOUNT 
OF RMB944 MILLION 
    * KENON HOLDINGS LTD - WILL HAVE PUT OPTION TO SELL 
REMAINING 
INTEREST IN QOROS TO INVESTOR FOR RMB3.12 BILLION 
    * KENON HOLDINGS LTD - KENON WILL USE PROCEEDS FROM SALE OF 
ITS 
QOROS INTERESTS TO INVESTOR TO FUND ITS PORTION OF INVESTMENT IN 
QOROS 
 
Source text for Eikon:  ID:nPn78dmdPa  
Further company coverage:  KEN.N  
 
 ((Bangalore.newsroom@thomsonreuters.com;))