China Merchants Shekou Industrial Zone Holdings Co., Ltd. entered into an agreement to acquire 22.35% stake in AVIC SUNDA Holding Company Limited (SZSE : 000043) from AVIC International Holdings Limited for CNY 1.3 billion.
The transaction is subject to approval by regulatory authorities of China Merchants and AVIC International and from relevant supervising authority of State-owned Assets Supervision and Administration Commission, China Securities Depository and Clearing Co., Ltd. Shenzhen Branch and shareholders of AVIC International Holdings Limited. As of July 25, 2019, AVIC SUNDA Holding Company Limited received the approval from the State-owned Assets Supervision and Administration Commission of the state council for the transaction. On August 23, 2019, the shareholders of AVIC International Holdings Limited approved the transaction. On August 23, 2019, the transaction is approved by Board of Directors of AVIC SUNDA Holding Company Limited. The transaction is expected to be completed within twelve months from the end of current interim reporting period which is June 30, 2019.