Date
19 November 2017

Tianjin SOE reform begins with Benefo Electric, paper says

The reform of state-owned enterprises (SOEs) in Tianjin has officially commenced with a key announcement by Tianjin Benefo Tejing Electric Co. Ltd. (600468.CN) on Thursday, the China Securities Journal reported Friday. Benefo Tejing announced that its shareholding parent Tianjin Benefo Machinery & Electric Holding Co. Ltd will merge with Tianjin Tianqi Motor to form a new entity called Tianjin Benefo Machinery & Equipment Co. Tianqi Motor owns 28.21 percent stake in Tianjin Faw Xiali Automobile Co. Ltd. (000927.CN). The newly formed entity will have a registered capital of 5.71 billion yuan (US$943.60 million), the report said.

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