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companies

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Evergrande Health Industry (0708.HK) buys 51pct stake in NEVS for USD930 mln

January 16, 2019


Abstract : Evergrande Health Industry Group Limited (0708.HK) announced on Tuesday to buy a 51-percent stake in National Electric Vehicle Sweden AB (NEVS) for 930 million U.S. dollars.

BEIJING, Jan. 16 (Xinhua) -- Evergrande Health Industry Group Limited (0708.HK) announced on Tuesday to buy a 51-percent stake in National Electric Vehicle Sweden AB (NEVS) for 930 million U.S. dollars.

According to a filing to the stock exchange, the 930 million U.S. dollars will be paid in two instalments. Specifically, the first instalment of 430 million U.S. dollars had been paid on January 15, 2019, and the remaining amount shall be paid on or before 31 January 2019.

Meanwhile, the listed company will obtain a majority of board seats on the NEVS board of directors, after the transaction.

NEVS, with its headquarters based in Sweden, is a global electric vehicle company focused on intelligent automobiles and is striving to become a global leader in sustainable and sharing-based smart mobility ecosystems.

NEVS, as one of the ten qualified new energy automobile companies currently approved by the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT), has developed two pure electric vehicle models that have reached production standards. It also owns production bases in Trollhättan, Sweden and Tianjin, China, which have mass production capabilities and is planning to develop a production base in Shanghai. (Edited by Hu Pingchao, hupingchao@xinhua.org)


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