BEIJING, Oct. 12 (Xinhua) -- The German carmaker BMW Group will become the largest shareholder of the joint venture BMW Brilliance Automotive (BBA), according to Brilliance China Automotive Holdings (BCAH).
BRILLIANCE CHI (01114.HK), BCAH'S listing platform in Hong Kong, announced on Thursday that BCAH intends to sell 25 percent of BBA's stake to BMW at a price of 29 billion yuan (about 4.2 billion U.S. dollars). After the deal is competed, BMW will hold 75 percent of BBA's equities which is estimated to be 115.8 billion yuan (about 16.8 billion U.S. dollars).
The expected transaction date will be no later than the year of 2022.
In the following three to five years, the total annual production capacity of BMW automobiles at the BBA plants will increase to 650,000 units, creating 5,000 new jobs. (Edited by Gu Shanshan, Zhang Yuan, zhangyuan11@xinhua.org)
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