German MAN Group CEO said that in the future may increase capital China National Heavy Duty Truck (7.54, -0.06, -0.79%, economic real-time quotes), but China's heavy truck chairman Ma Chun-chi said, will not change the controlling position of Sinotruk Group
Caixin.com (reporter Liang Dongmei) One year after taking stake in Sinotruk (Hong Kong) Co., Ltd. (03808.HK, hereinafter referred to as China National Heavy Duty Truck Group), China's largest heavy truck manufacturer, the new CEO of the German MAN Group stated that it is possible in the future. It will add capital to China National Heavy Duty Truck.
MAN Group CEO Georg Pachta-Reyhofen made the above statement on August 26 at a press conference in Beijing. He also expects that MAN Group’s sales revenue in China in 2010 is expected to reach 600 million euros.
On July 15 last year, Sinotruk signed an agreement with the German company MAN, which will become a strategic shareholder of Sinotruk by purchasing convertible bonds and transferee shares, holding a 25% stake in Sinotruk and adding one share. The total transaction price is approximately HK$6 billion.
China National Heavy Duty Truck Chairman Ma Chunji said in an interview with Caixin reporters after the press conference held on the 26th that the capital increase of the MAN Group was partly due to the good cooperation between the two sides in the past year, but he stressed that the capital increase of MAN Group will not change China’s weight. Group's controlling position.
Ma Chunji also stated that MAN Group had not exercised veto power on the board of directors in the past year, including major projects including investment, and both parties would communicate before the board meeting was convened.
In the first half of 2010, China National Heavy Duty Truck sales reached 115,600 units, up 70% year-on-year, and sales revenue was 44.87 billion yuan, up 61% year-on-year; profit before tax was 2.778 billion yuan, up 140% year-on-year.
At the press conference, CNHTC and the MAN Group also stated that the new products and new brands jointly produced by the two parties will be officially released in 2011, but the two companies did not disclose the scale of production.
MAN Group is the third largest commercial vehicle group in the world. According to the semi-annual report issued by MAN Group, in the first half of 2010, the Group's revenue reached 6.7 billion euros, an increase of 19% over the same period of last year; profits reached 404 million euros, a year-on-year increase of 66%.
In addition to its strategic investment in Sinotruk, MAN Group also opened a factory in Changzhou, Jiangsu Province in 2008, which mainly produces turbine machinery. In 2009, the MAN Group’s revenue in China reached 560 million euros, of which Turbine Machinery is the main business of MAN Group in China.
View related topics: China National Heavy Duty Truck Breaks Monthly Sales Record for National Heavy Truck Industry
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