THE PROPOSED DISPOSAL. On 22 June 2016, Zhejiang Jirun Automobile Company Limited (浙江吉潤汽車有限公司)(“Zhejiang Jirun”) and Shanghai Maple Guorun Automobile Company Limited (上海華普國潤汽車有限公司)(“Shanghai Maple”) (collectively, the “Vendors”), together with Ninghai Zhidou Electric Vehicles Company Limited (寧海知豆電動汽車有限公司)(“Ninghai Zhidou”), entered into a framework agreement (the “Framework Agreement”) with an independent third party investor (the “Investor”), pursuant to which the Vendors agreed to dispose of their partial interests in Ninghai Zhidou to the Investor (the “Proposed Disposal”), subject to due diligence and execution of definitive agreements between the parties. Pursuant to the Framework Agreement, upon completion of the Proposed Disposal, the Investor will procure one of its associates, which is a company listed on the PRC stock exchange, to acquire part or all of the Vendors’ remaining interests in Ninghai Zhidou. The detailed terms of the Proposed Disposal, including the exact percentage interest in Ninghai Zhidou to be disposed of and the consideration for the Proposed Disposal, have not been determined. The Investor will conduct due diligence on Xxxxxxx Xxxxxx and the Vendors have granted an exclusivity negotiation right of 45 days to the Investor. The Company will make further announcement in compliance with the requirements of the Listing Rules as and when definitive agreements with respect to the Proposed Disposal are entered into.
THE PROPOSED DISPOSAL. Pursuant to the Intention Agreement, the Company as vendor intends to sell and Kunming Yanheng as purchaser intends to purchase (“Proposed Disposal”) the entire equity interests of four indirectly wholly-owned subsidiaries of the Company, namely Rundong Automobile Group Co., Ltd (潤東汽車集團有限公司), Xuzhou Rundong Automobile Sales Management Company Limited (徐州潤東汽車營銷管理有限公司), Xuzhou Yuemei Automobile Sales Management Company Limited (徐州悅美汽車營銷管理有限公司) and Xuzhou Rundong Jiaoguang Automobile Sales and Services Company Limited (徐州潤東交廣汽車營銷管理有限公司) (the “Target Subsidiaries”).
THE PROPOSED DISPOSAL. Pursuant to the conditions precedent set out in the Convertible Loan Agreement, the Company shall dispose the entire issued and paid-up share capital of PIL, its wholly-owned subsidiary. Upon completion of the Proposed Disposal, PIL shall cease to be a subsidiary of the Company. The Company is currently in the process of identifying a viable purchaser for PIL and where relevant, shall announce the terms of such disposal (including, inter alia, the relative figures for the Proposed Disposal computed on the bases set out in Rules 1006 (a) to (e) of the Listing Manual of the SGX-ST) after the definitive agreements have been finalised and executed, in compliance with its disclosure obligations under the Listing Manual of the SGX-ST.
THE PROPOSED DISPOSAL
