(Yicai Global) July 1 -- Chinese components maker Deren Electronics plans to sell off part of its stake in Italian subsidiary Meta System, which makes on-board chargers for new-energy vehicles, in order to free up space for future investments.
The Shenzhen-based firm will sell 6 percent of the unit's equity to Sichuan Gloport Investment & Development Group for EUR16.2 million (USD18.4 million), the seller said in a statement yesterday. Gloport will also inject EUR76.3 million for a further 22.2 percent of equity and then pick up a 10 percent stake from China Alliance Investments for EUR27 million, the statement added.
The move will reduce Deren's holdings in Meta, whose clients include BMW, Porsche, Volkswagen, Groupe PSA and China's Dongfeng and Geely, to 35.1 percent from 51 percent.
Deren purchased a 60 percent stake in Meta System in June 2015, paying former majority owner Meta-Fin EUR58.8 million in order to explore the market for NEV charging modules and the Internet of Vehicles.
Editor: James Boynton