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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.