| 18-02-2008 On
18 February, Ankai Bus' resolution released that due to the insolvency of Chongqing
Ankai Bus Company, for improving listed company's asset quality and market competition
ability, both sides friendly negotiated and decided to transfer 51% shares of
Chongqing Ankai Bus Company to Ankai Group by Zero RMB. It
was said that Chongqing Ankai Bus Company is a joint venture company with 10 millions
Yuan RMB, thereinto, Ankai Auto Group Co., Ltd invested 5.1 millions Yuan RMB,
holding 51% and Chongqing Tongyong Industry Co., Ltd invested 4.9 millions Yuan
RMB, holding 49%. The
company was founded in September 1998, and it started to put into production in
1999. The ranges of the business are produce and sale of completely bus, bus maintenance
and after services. According to 'Asset Metathesis Agreement' signed by Ankai
Bus Company and Ankai Group on 23 June 2003, Ankai Group will hold 51% shares
of Chongqing Ankai Company.
Editor:William
Qian from Chinabuses.com
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