Zoomlion Heavy Industry (HKG:1157) will acquire a 45% stake in one of its former subsidiaries for 904 million yuan in cash, the company disclosed in a Wednesday filing to the Hong Kong Exchange.
The stake is currently held by a firm majority-owned by the Hunan provincial government and a significant shareholder in Zoomlion.
This acquisition will increase Zoomlion's ownership in the finance leasing and insurance unit from 19% to 64%, regaining majority control. The purchase price is based on an independent appraisal and will be funded from the company's internal resources.
Zoomlion fully owned the unit until mid-2021, when it sold the stakes to the current owners.
The company said the deal will help better integrate its equipment and financial services, improve digital business management, and reduce related-party transactions. The unit mainly leases Zoomlion's tower cranes.
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