Dongfeng Motor Company plans to sell 170 million yuan of Dana Axle shares

China Dongfeng Motor Group Dongfeng Motor Co., Ltd. plans to transfer 9.81% of Dongfeng Dana Axle Co., Ltd., and its listing price on the Beijing Equity Exchange is RMB 170 million.

An announcement published on the Beijing Equity Exchange on Monday revealed that there are four shareholders of the target company. The controlling shareholder is Dongfeng Motor Co., Ltd., China's largest auto joint venture company. The shareholding ratio is 75.23%.

Shareholders of the company include Dongfeng (Shiyan) Industrial Co., Dongfeng Motor Co., Ltd. and Dana Mauritius Co., Ltd., and their shareholdings are 10.96%, 9.81%, and 4%, respectively.

Dongfeng Motor Co., Ltd. is a joint venture between the listed company Dongfeng Motor Group and Nissan Motor Co., Ltd., and each of them holds 50% equity.

The announcement requires that the intended transferee or its actual controller should meet, and the registered capital or net assets in 2010 shall not be less than RMB 700 million (or foreign currency equivalent), and the operating revenue in 2010 shall not be less than RMB 3 billion; At least 20 years of experience in the design, manufacturing, and management of commercial vehicle axle assemblies.

Dongfeng Dana Axle Company's business scope includes research, design, manufacture, development and sales of commercial vehicle axle products. In 2010, it realized a net profit of 210 million yuan and operating income of 7.04 billion yuan.