SHANDONG HEAVY INDUSTRY GROUP CO., LTD entered into equity transfer agreement to acquire 40% stake in Weichai Westport Inc from Weichai Power Co. Ltd (SEHK:2338) for CNY 94.1 million in cash on December 25, 2012. SHANDONG HEAVY INDUSTRY will pay 50% of the consideration within 15 business days from the date of agreement and will pay remaining 50% of the consideration before March 31, 2013. Weichai Westport reported audited net asset value of CNY 147.44 million as at ... November 30, 2012 and reported net profit before tax of CNY 39.52 million and net profit after tax of CNY 33.39 million for the year ended December 31, 2011. The transaction is subject to due execution of the equity transfer agreement, approval of Board of Directors of Weichai Power Co. Ltd, asset valuation report being duly filed with the Shandong State-owned Assets Supervision and Administration Commission of Shandong Provincial Government and approval of original approving authority of Weichai Westport. The transaction will be completed after obtaining necessary approvals, registrations and filings. The transaction was approved by the Board of Weichai Power Co on December 25, 2012. The proceeds from the sale would be used for general working capital of Weichai Power group. China Enterprise Appraisals Co., Ltd. acted as valuer for Weichai Power Co. Ltd.
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