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Geely partners with Britain's Manganese Bronze to produce taxis

By Dai Yan (chinadaily.com.cn)
Updated: 2006-11-10 09:02

Related publication: Related readings:   China's car market in fast lane  Auto price wars in the offing  Car prices drop 28% from 2000 to 2005

Li Shufu, chairman of Zhejiang Geely Holding Group, signed an agreement with British-based Manganese Bronze Holdings in London on October 24 to jointly invest in the production of the London TX4 taxi in Shanghai.

Geely will establish a joint venture (JV) with Manganese Bronze and hold a 51 percent stake. Shanghai Maple, a subsidiary of Geely, will hold one percent of the JV and Manganese Bronze 48 percent.

Manganese Bronze will issue 30 percent of new ordinary shares (representing 23 percent of Manganese Bronze's enlarged issued ordinary share capital) to Geely based on a valuation of 2.5 pounds (US$4.75) a share. This will Manganese Bronze's 48 percent shares in the new JV.

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The full text is available in the November Issue ofAutoChina.