| 20-11-2007
Blackstone
Group is considering a stake in Anhui Jianghuai Automobile (Group) Co., Ltd. Talks
between the parties are in the initial stages, with no final decision as yet.
The senior officials from the US private equity group, including Antony Leung,
Blackstone's Chairman of Greater China, visited Jianghuai Auto with Gui Jianping,
director of the State-owned Assets Supervision and Administration Commission. Jianghuai
Auto (Group) recently completed reorganization, and is ready to attract foreign
strategic investors. Jianghuai Auto (Group) controls two listed companies - Anhui
Jianghuai Automobile Co Ltd and Anhui Ankai Automobile Co Ltd. The group was set
up in 1997. Wang Zhiyuan, vice-president of Jianghuai Auto (Group), said the sales
revenue of the group was 10.1 billion yuan (US$1.34 billion) in the first half
of this year, up more than 20 percent year on year. The group sold 175,000 complete
vehicles and passenger car chasses in 2006. Anhui Jianghuai Automobile Co Ltd's
main business revenue stood at 6.9 billion yuan in the first half of this year,
up 24.46 percent year on year, said Wang.
Editor:Frederick.
Wei from Chinabuses.com
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