A subsidiary of Hong Kong-listed automobile equipment manufacturer Zhongda International Holdings will launch a joint venture with a Chinese bus manufacturer.
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Zhongda International Holdings’ wholly-owned subsidiary, Zhongda International Automobile Industrial Ltd., agreed on Nov. 17 to establish a joint venture company with Sichuan Bus Manufacture Ltd., the holding company said in a statement cited by Reuters.
The report said Zhongda International Automobile will own 71% and Sichuan Bus Manufacture 29% of the equity interests of the joint venture – the total registered capital of the joint venture company is 22.45 million yuan ($US2.7 million).
The joint venture company, Sichuan Zhongda Emei Coach Manufacturing Ltd., will manufacture and sell buses in China, Reuters added.
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