BEIJING, Aug. 7 (Xinhua) -- Guangdong Dcenti Auto-Parts Stock Limited Company (603335.SH) announced that it planned to join hands with Brazilian company COCAIA PARTICIPACOES EIRELI to set up a new subsidiary in St. Paulo, Brazil.
Total investment in the subsidiary is planned at 2 million U.S. dollars, with 1.24 million U.S. dollars or 62 percent of the invesmtent funded by Guangdong Dcenti Auto-Parts Stock Limited Company. The rest 38 percent of investment, or 760,000 U.S. dollars would be provided by COCAIA PARTICIPACOES EIRELI.
The new subsidiary is designed to engage in the production and sales of various aluminum alloy wheels and import and export trade of and auto parts.
According to a company filing, the investment is a key move for the company to expand its presence in South American market, and also a medium- and long-term development strategy for the company, which is expected to become a new profit growth point of the company in the future. (Edited by Ma Xin, maxin11@xinhua.org)
A single purchase
