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Dongfeng Group's stake in DF Electric diluted to 64.56%
14 Sep 2018
(Infocast News) On 14 September 2018, Dongfeng Motor Group (00489), Dongfeng Hongtai and Wuhan Jingkai, being the existing shareholders of Dongfeng Electric (a non-wholly-owned subsidiary of Dongfeng Motor Group), entered into a Capital Increase Agreement with Dongfeng Electric, pursuant to which Dongfeng Hongtai agreed to make a capital contribution in the amount equivalent to RMB168.665 million to Dongfeng Electric by way of the injection of Industrial Park Assets into Dongfeng Electric.

The Industrial Park Assets include the land use right of land lot 3MA of Wuhan Economic & Technological Development Zone at No. 17 Chuangyesan Road, Wuhan, Hubei Province, the PRC and the buildings, structures and facilities located in the Dongfeng Hongtai Auto Parts Assembly Industrial Park at the same location.

Pursuant to the Capital Increase Agreement, the registered capital of Dongfeng Electric will be increased from RMB90.58 million to RMB126.365 million, and a total of 35.785 million new shares of Dongfeng Electric will be created to be subscribed solely by Dongfeng Hongtai.

Upon completion of the Capital Contribution, the equity interest held by Dongfeng Motor Group in Dongfeng Electric will be diluted from 90.07% currently to 64.56% of the enlarged registered capital of Dongfeng Electric.

(WL)
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