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Anhui Jianghuai Automobile to merge with Anhui-based automobile group company and announces private placement plan

Wednesday, 20 Aug 2014 08:00pm EDT 

Anhui Jianghuai Automobile Co Ltd:To issue 178,327,195 A shares at 10.12 yuan per share to target company's shareholders in exchange for entire shares of Anhui-based automobile group company (target company), which is holding 455,288,852 shares (35.43 pct stake) of the company.Transaction price of 6,412,194,396.92 yuan.The company will take over the assets and debt of target company.Target company will be dissolved after the transaction.To issue up to 66,031,833 shares at no less than 9.11 yuan per share through private placement, to raise up to 601.55 mln yuan.The proceeds will be used for supplement of working capital.