Guilin Fuda (SHA:603166) plans to transfer its entire 50% holdings in its joint venture to its German joint venture partner and crankshaft maker, Maschinenfabrik Alfing Kessler, for 96 million yuan, according to a Shanghai Stock Exchange disclosure on Monday.
The joint venture, Guilin Fuda Alfing Large Crankshaft, was established in 2018 as a producer of large crankshafts, with a registered capital of 22 million euros.
After the transaction, the Chinese auto parts manufacturer will no longer hold any stake in Fuda Alfing, the disclosure said.
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