CZ Tire completes purchase of Hangzhou Zhongce share
The sale of China Enterprises Limited’s share in Hangzhou Zhongce Rubber Company to CZ Tire Holdings Limited for RMB600,000,000 or approximately US$94.41 million has been closed, China Enterprises reports.
The purchase consists of the 26 per cent share that China Enterprises held in Hangzhou Zhongce Rubber Co. through its wholly-owned subsidiary, China Tire Enterprises Ltd. Following the sale, China Enterprises’ assets “now primarily consist of the cash that it received in connection with the sale described above and certain investments in financial assets,” the company said in a statement. “The board of directors and management of the company are actively considering all alternatives available for the use of the cash received.”