China Evergrande New Energy Vehicle Group has announced its decision to sell a portion of its stake in AB Trollhattan Propellern 13, a Sweden-based real estate property lessor. The electric vehicle unit of China Evergrande Group, the parent company, plans to offload a 20% stake for 60 million krona, equivalent to approximately $5.63 million. This strategic move aims to address the group's pressing tax payment needs as well as other financial obligations.
The transaction involves China Evergrande New Energy Vehicle Group's electric vehicle unit, which holds a stake in AB Trollhattan Propellern 13. By selling a 20% share, the company intends to generate funds required to meet imminent tax liabilities. This financial maneuver will also aid the group in satisfying other payment commitments that are due soon.
The decision to sell a stake in the Swedish real estate firm aligns with China Evergrande Group's broader strategy to manage its financial health. As the parent company of China Evergrande New Energy Vehicle Group, Evergrande has been navigating through its financial challenges, and this sale represents a step towards alleviating some of these pressures.
Reuters reported on this development, highlighting the significance of the sale in addressing the group's fiscal responsibilities. The sale price of 60 million krona underscores the financial value attributed to the holding in AB Trollhattan Propellern 13, reflecting the company's efforts to liquidate assets strategically.
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