SHANGHAI Dec 31 Chinese construction equipment
maker Zoomlion Heavy Industry Science and Technology Development
Co said it would buy back a combined 40.7 percent
stake in its Hong Kong unit from shareholders for $235.8
Zoomlion said in a late Friday filing to the
Hong Kong and Shenzhen stock exchanges that repurchasing the
shares would help improve business integration with its Hong
Kong unit Zoomlion Hong Kong.
As part of the deal, Zoomlion will buy back a 22.84 percent
stake in Zoomlion Hong Kong from shareholders including a
Goldman Sachs Group Inc subsidiary for $132.5 million,
and a 17.84 percent stake held by Sunny Castle, a financing
vehicle owned by Hony Capital, for $103.3 million.
The proposed deal, approved by Zoomlion's board on Friday,
will be paid in cash and funded by the company's internal
resources, the Hong Kong statement said.