ALD
ALD ANNOUNCES SALE OF ALD FORTUNE AUTO LEASING & RENTING IN CHINA
20-Dec-2019 / 18:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Paris20 December 2019
ALD annouNces sale of ALD Fortune Auto Leasing & Renting in
China
ALD has entered into an agreement to sell its 50% equity stake in ALD
Fortune Auto Leasing & Renting (Shanghai) Co. Ltd. in China, which is being
sold along with the 50% equity stake held by its joint venture partner,
Hwabao Fortune Investment Company, a wholly-owned subsidiary of China Baowu
Steel Group, to Nanjing Lingxing Automotive Service Co. Ltd.
The shares of ALD Fortune Auto Leasing & Renting were listed for sale on the
Shanghai United Assets and Equity Exchange (SUAEE) Government share exchange
platform for public bidding between 26th August and 23rd September 2019.
Following the signing on 16th December 2019 of the Shanghai Property Rights
Transaction Contract and the receipt by the SUAEE on 20th December 2019 of
the full purchase price from the buyer, the closing of the transaction is
expected to take place in January 2020, subject to receipt of clearances
from the relevant antitrust authorities.
Although China is an important car market, the full service leasing business
has not developed as expected preventing ALD Fortune Auto Leasing & Renting
from fulfilling its objectives and leading to the decision by ALD to sell
its equity stake.
On completion, ALD expects to realise a post-tax gain on its current written
down investment value of circa EUR 9 million which will be reflected in the
Group's financial results in Q1 2020.
Tim Albertsen, Deputy Chief Executive Officer, comments "The Group believes
that the sale of its stake in its Chinese subsidiary is in the best
interests of the company and its employees in order to provide the capacity
and scale required to build and develop the business locally. ALD remains
present in Asia through its subsidiary in India, where it has been providing
full service leasing and fleet management services for over a decade."
Press contact:
ALD
Stephanie Jonville
+33 (0)6 46 14 81 90
stephanie.jonville@aldautomotive.com
ALD
ALD is a global leader in mobility solutions providing full service leasing
and fleet management services across 43 countries to a client base of large
corporates, SMEs, professionals and private individuals. A leader in its
industry, ALD places sustainable mobility at the heart of its strategy,
delivering innovative mobility solutions and technology-enabled services to
its clients, helping them focus on their everyday business.
With 6,500 employees worldwide, ALD manages 1.7 million vehicles (at end
September 2019).
ALD is listed on Euronext Paris, compartment A (ISIN: FR0013258662; Ticker:
ALD) and its share is included in the SBF120 index. ALD's controlling
shareholder is Societe Generale.
For more information, you can follow us on Twitter @ALDAutomotive [1] or
visit www.aldautomotive.com [2].
Regulatory filing PDF file
Document title: ALD Automotive sells ALD Fortune
Document: http://n.eqs.com/c/fncls.ssp?u=YVQXDWBQPN [3]
Language: English
Company: ALD
1 Rue Eugène et Armand Peugeot
92500 Rueil-Malmaison
France
Internet: https://www.aldautomotive.com/
ISIN: FR0013258662
Euronext ALD
Ticker:
AMF Category: Inside information / Issuer activities (acquisitions,
sales...)
EQS News ID: 941885
End of Announcement EQS News Service
941885 20-Dec-2019 CET/CEST
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2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8512290631f9f8899d5ca349809e3a89&application_id=941885&site_id=vwd&application_name=news
3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=a8b44ecc7561e4b6cdfc03e796763288&application_id=941885&site_id=vwd&application_name=news
(END) Dow Jones Newswires
December 20, 2019 12:00 ET (17:00 GMT)
