Article: AVIC TO MAKE CNY2.406BN AERO-ENGINE ASSETS PUBLIC


AsiaInfo Services
09-30-2009
AVIC to Make CNY2.406bn Aero-engine Assets Public

SHENZHEN, Sep 30, 2009 (SinoCast Daily Business Beat via COMTEX) -- Aviation Industry Corporation of China (AVIC) will make its aero-engine assets worth CNY 2.406 billion public via the purchase of all assets and liabilities of its Shenzhen-listed subsidiary, Nan Fang Space Navigation Science & Technology Co., Ltd. (SZSE: 000738).

After the assets swap, Nan Fang Space Navigation Science & Technology will turn to an aero-engine company from the motorcycle manufacturer. This time, its assets and liabilities involved in the backdoor listing are evaluated at CNY 498 million in amount.

To be specific, AVIC will ...

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