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Zhengzhou Yutong Bus Co Ltd to issues shares for acquisition of Zhengzhou Jingyida Auto Parts Co., Ltd


Wednesday, 21 May 2014 08:00pm EDT 

Zhengzhou Yutong Bus Co Ltd:To issue new shares and pay cash consideration to acquire 100 pct stake in Zhengzhou Jingyida Auto Parts Co., Ltd from Zhengzhou Yutong Group Co., Ltd and Loins Bus Co., Ltd.The company will issue 161,771,000 new shares at price of 16.08 yuan per share and pay cash consideration of 459,049,000 yuan to Zhengzhou Yutong Group Co., Ltd and issue 63,415,600 new shares at price of 16.08 yuan per share and pay cash consideration of 179,951,000 yuan to Loins Bus Co., Ltd.Total acquisition price expected to be 4.26 bln yuan.Zhengzhou Yutong Group Co., Ltd will hold 37.49 pct stake (561,962,553 shares) in the company up from 31.42 pct (400,191,543 shares).Loins Bus Co., Ltd. will hold 4.23 pct stake (63,415,557 shares) in the company up from 0.