ALD: sale of stake in China joint venture
(CercleFinance.com) - ALD announced an agreement to sell its 50% stake in its China joint venture, ALD Fortune Auto Leasing & Renting (Shanghai) Co.
Ltd, a deal which should generate an after-tax gain of around nine million euros in Q1 2020.
This disposal comes together with that of the 50% stake held by its joint-venture partner, Hwabao Fortune Investment Company (subsidiary of China Baowu Steel Group), to Nanjing Lingxing Automotive Service Co. Ltd.
"ALD remains present in Asia via its subsidiary in India, where it has been offering leasing services including fleet management for more than a decade ", underlined Tim Albertsen, deputy CEO of the French fleet leasing group.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Ltd, a deal which should generate an after-tax gain of around nine million euros in Q1 2020.
This disposal comes together with that of the 50% stake held by its joint-venture partner, Hwabao Fortune Investment Company (subsidiary of China Baowu Steel Group), to Nanjing Lingxing Automotive Service Co. Ltd.
"ALD remains present in Asia via its subsidiary in India, where it has been offering leasing services including fleet management for more than a decade ", underlined Tim Albertsen, deputy CEO of the French fleet leasing group.
Copyright (c) 2019 CercleFinance.com. All rights reserved.