China Evergrande New Energy Vehicle Group (HK:0708) has released an update.
China Evergrande New Energy Vehicle Group has announced a non-binding term sheet with potential sellers and an independent third-party purchaser for a significant share transfer, which could lead to a mandatory general offer. The deal includes a potential sale of approximately 58.5% of issued shares and a line of credit to fund the Group’s operations and electric vehicle development, amid a severe cash shortage and halted production at its Tianjin factory. The company will provide monthly updates as negotiations progress.
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