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Kandi Technologies Group Inc's subsidiary signs ownership transfer agreement with Shanghai Maple Guorun Automobile Co Ltd

Tuesday, 24 Dec 2013 08:35am EST 

Kandi Technologies Group Inc's:Says that its subsidiary Zhejiang Kandi Electric Vehicles Co., Ltd. signed the Ownership Transfer Agreement with Shanghai Maple Guorun Automobile Co., Ltd, a 99% owned subsidiary of Geely Automobile Holdings Ltd on Dec. 23.Says pursuant to the terms of the Agreement, the JV company is required to pay 640,651,000 Renminbi (about $104,147,186) to acquire 100% ownership of Kandi Electric Vehicles (Shanghai) Co., Ltd. from Shanghai Maple.Says JV company will make the payment of 400,000,000 Renminbi within 90 days upon signing the Agreement. The remaining payment will be delivered within 360 days after signing.Says both parties agreed to try to complete the transfer process of Kandi Shanghai's entire ownership with local State Administration of Industry and Commerce before Dec. 31.Says upon the completion of this transfer, Kandi Shanghai will become 100% owned subsidiary of the JV company.Says through its 50% ownership of the JV company, Kandi will indirectly own 50% of Kandi Shanghai. 

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19 Dec 2014