asiangames202| Evergrande Automobile: It plans to sell 58.5% of its shares, 3.145 billion shares will be traded immediately, and 3.203 billion shares will be pending option exercise
News summary
Evergrande Automobile's announcement revealed that potential sellers plan to sell 58% of their companyasiangames202.5% shares, of which 29.0% will be acquired immediately and 29.5% will be the subject of the option. At the same time, potential buyers will provide credit to support Evergrande Motor's electric vehicle business. Trading in the company's shares will resume on May 27.
Newsletter text
[Evergrande Automobile Announcementasiangames202: Potential sellers reach an agreement with third-party buyers or on share transactions]
On May 26, Evergrande Automobile announced that it had learned that a potential seller had signed a term letter with an independent third-party buyer and might reach a share purchase and sale agreement. Potential sellers include China Evergrande Group, Evergrande Health Industry Group and Acelin Global Limited.
As of the announcement date, potential sellers held a total of 6.348 billion shares, accounting for approximately 58.5% of the company's total shares. In the proposed transaction, 3.145 billion shares will be acquired immediately, while 3.203 billion shares will be subject to options for potential buyers.
In addition, Evergrande revealed that potential buyers will provide credit lines to support the development of its electric vehicle business. Currently, Evergrande Motors faces a shortage of funds, and its Tianjin factory has stopped production since the beginning of the year.
Evergrande Automobile plans to apply to the Stock Exchange to resume share trading starting from 9 a.m. on May 27.
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