Great Wall to invest 1.5b yuan in subsidiary companies
Updated: 2011-11-15 13:31
(chinadaily.com.cn)
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 Great Wall is planning to invest 1.47 billion yuan ($232.15m) in two of its subsidiary ventures, sources said. [Photo/Xinhua] |
Great Wall is planning to invest 1.47 billion yuan ($232.15m) in two of its subsidiary ventures, sources reported. The investments will be made in order to ensure the smoothness of the company's entry on the publicly-traded stock market.
The manufacturer will be investing 412 million yuan ($64.93m) in its engine production company and 1.06 billion yuan ($167.22m) in Tianjin Boxin Auto Parts. The former will be responsible for Great Wall's program to produce 100,000 GW4D20 diesel engines per year, while the latter has plans to manufacture 400,000 external auto parts and 400,000 interior accessories. The investments will see funds for both companies increasing to 453 million yuan ($71.39m) and 1.78 billion yuan ($279.90m).
According to a company statement, Great Wall's auto part and vehicle production efforts will be strengthened because of the money.
