6.5 C
New York
Saturday, March 2, 2024

China Evergrande’s EV share sale deal lapses By Reuters

China Evergrande’s EV share sale deal lapses By Reuters


© Reuters. A view of China Evergrande New Energy Vehicle Group’s electric vehicle (EV) factory in Tianjin, China October 20, 2021. REUTERS/Yilei Sun/File photo

By Summer Zhen

HONG KONG (Reuters) – A planned sale of shares between China Evergrande (HK:) New Energy Vehicle Group, the electric vehicle arm of property developer China Evergrande, and US-listed NWTN have ceased operations, according to a filing to the Hong Kong Stock Exchange on Monday.

With neither party agreeing to the extension of the long shutdown date, which is the last day of 2023, Evergrande New Energy Vehicle said the stock subscription and loan conversion agreement by NWTN does not was more valid.

In an announcement in August, the electric vehicle subsidiary said it had agreed to issue 6.18 billion new shares to Dubai-based mobility company NWTN for a total of HK$3.89 billion (498 .2 million dollars).

($1 = 7.8086 Hong Kong dollars)



Source link

Latest stories