Harmony Auto Completes Stake Sale in Overseas EV Unit to Chairman

MT Newswires Live

08/19

China Harmony Auto (HKG:3836) said it completed the sale of a 45% stake in its subsidiary iCar Group to EGL, an entity owned by Chairman Feng Jiansheng, according to a Hong Kong bourse filing Monday.

The stake in the overseas electrical vehicle unit was sold for 330 million yuan, which will be fully offset against existing loans owed by the company to EGL.

Shares of the automotive seller gained over 1% in afternoon trade Tuesday.

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