Help Desk -
9717405332, 9599714297, 9810335381

Evergrande Health purchased 51pct stake in NEVS

Auto News - Published on Thu, 17 Jan 2019

Image Source:
Gasgoo reported that Evergrande Health Industry Group Limited (Evergrande Health) anounced that Solution King Investments Limited (the Purchaser), a wholly-owned subsidiary of Evergrande Health, has entered into a Sale and Purchase Agreement with Kerryman Holdings Limited (the Seller), pursuant to which the Purchaser agrees to acquire, and the Seller agrees to sell the Sales Shares for a total consideration of USD 930 million.

Completion of the acquisition took place on the date of the Sale and Purchase Agreement.

The Sales Shares refers to 300 ordinary shares in the share capital of Mini Minor Limited (the Target Company), which is also the entire share capital of the Target Company. According to the announcement, the only asset of the Target Company is its 51% shareholding in NEVS, a Sweden-headquartered electric vehicle maker.

The total consideration of USD 930,000,000 shall be paid in two installments: the first installment of USD 430,000,000 had been paid on 15 January 2019, and the remaining amount shall be paid on or before 31 January 2019.

On the same day, Evergrande Health entered into the Shareholder Loan Agreement with China Evergrande. Pursuant to the Agreement, China Evergrande has agreed to provide a three-year unsecured loan in the amount of USD 1,100,000,000 to Evergrande Health at an interest rate of 8% per annum.

Source :

Posted By : Joykumar Irom on Thu, 17 Jan 2019
Related News from Auto segment