China National Heavy Duty Truck signed a contract for the cooperation project with German Mann in Hong Kong yesterday. The company introduced Mann as a long-term strategic partner and shareholder, and Sinotruk and its parent company received 560 million euros (HK$6.378 billion) of funds from German Mann Infusion in Hong Kong. China National Heavy Duty Truck Chairman Ma Chunji told reporters at the signing ceremony yesterday that after the official launch of the company’s cooperation with Germany’s Mann, it will use the German Mann’s technology to first produce new engines for the Euro 3 and Euro 4 standards. Can be put into production and can be exported to European countries.
Euro 3 Euro 4 engine exports next year
Ma Chunji said that Sinotruk used German Mann's technology to produce engines and may need to purchase some imported equipment without much additional investment.
According to the relevant cooperation agreement, Germany’s total investment in Sinotruk amounted to EUR 560 million, including purchase of 99.19 million ordinary shares of CNHTC and the issuance of convertible bonds in exchange for 590 million shares of CNHTC. After the official closing of the relevant project yesterday, the shareholding of Sinotruk's parent company in China National Heavy Duty Truck will be reduced from 69.35% to 65.13%, and the shareholding of MAN in China National Heavy Duty Truck will increase from zero to 4.22%. Public float remains unchanged at 30.65%. If the Mann’s Convertible Bonds are to be exercised in the future, the shareholding of Sinotruk’s parent company at Sinotruk will be diluted to 51%, while the shareholding of Mann’s in Germany will increase to 25%, and the public float will also be diluted. To 24%.
German Man holds 4.22% of heavy-duty shares
According to the announcement, Sinotruk and German Mantech's technical cooperation includes Germany's TGA trucks, Euro 3, Euro 4 and Euro 5 engines. The chassis and axle technology licenses are licensed to China National Heavy Duty Truck and China National Heavy Duty Truck produces new types of engines. Truck series laid the foundation.
According to the announcement, German Man has appointed four directors to the board of directors of China National Heavy Duty Truck, including Pan Qing, an executive director, and three non-executive directors, Hakan Samuelsson, Karlheinz Hornung, and Anton Weinmann. Hakan Samuelsson is the Chairman and Chief Executive Officer of MAN SE's Executive Board. Karlheinz Hornung is currently a member of MAN SE's Executive Board and Chief Financial Officer. Anton Weinmann is Chief Executive Officer of MAN Commercial Vehicles AG.
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