BAIC Motor (HKG:1958) unit BAIC Investment and Beijing Hyundai, a 50-50 joint venture with Hyundai Motor (KRX:005380), will exit their stakes in Beijing Hyundai Auto Finance (BHAF) through a reduction of BHAF's registered capital, according to a Wednesday Hong Kong bourse filing.
BAIC Investment held 33% of BHAF and Beijing Hyundai held 14%. BHAF will pay 2.21 billion yuan to BAIC Investment and 936.6 million yuan to Beijing Hyundai.
The transaction requires approval at an extraordinary general meeting and from the financial regulator. Upon completion, BAIC Investment and Beijing Hyundai will cease to be BHAF shareholders.
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.