WULING MOTORS (00305) announced that it has received notification from its indirect controlling shareholder, Guangxi Automotive Group Co., Ltd. (Guangxi Automotive), regarding a restructuring transaction. According to relevant policies of the Party Committee and People's Government of Guangxi Zhuang Autonomous Region, the State-owned Assets Supervision and Administration Commission of Guangxi Zhuang Autonomous Region (Guangxi SASAC) will transfer its 80% equity stake in Guangxi Automotive to Guangxi State-owned Capital Operations Group Co., Ltd. (Guangxi State Capital) at zero consideration.
Guangxi State Capital is a wholly-owned subsidiary of Guangxi SASAC and serves as the regional state-owned capital investment and operation company, entrusted by Guangxi SASAC to fulfill investor responsibilities. Through this gratuitous transfer of state-owned equity, Guangxi State Capital will take over Guangxi SASAC's 80% stake in Guangxi Automotive, with the objective of optimizing the layout of state-owned capital.
Upon completion of the restructuring, the 80% equity stake in Guangxi Automotive will be held by Guangxi State Capital. Guangxi Automotive will remain as the controlling shareholder of the Company, holding approximately 56.54% of the Company's issued share capital.