ALD: completes sale of stake in Chinese joint venture

(CercleFinance.com) - Fleet managing and operational car leasing company ALD says it has completed the sale of its 50% stake in ALD Fortune Auto Leasing & Renting, its joint venture in China, after receiving the proceeds from the Shanghai United Assets & Equity Exchange platform.


In accordance with what it announced at the time of the signing of the agreement last December, the car rental group will record an after-tax capital gain of around nine million euros in its accounts for Q1 2020.

This sale comes with that of the 50% share held by its joint venture partner, Hwabao Fortune Investment Company (subsidiary of China Baowu Steel Group), to Nanjing Lingxing Automotive Service.

The ALD share price is down nearly 4% in afternoon trading on Monday.


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