Brilliance China Automotive Holdings Ltd. (1114.HK) said Wednesday it has agreed to sell 49% stake in Shenyang Brilliance JinBei Automobile Co. Ltd. to an international multibrand group Renault SAS. in France for 1 yuan, marking a 'crucial strategic move' to turn around its existing minibus operation.
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After the deal, Renault will become Brilliance China Automotive's joint venture partner in the light commercial vehicles (LCV) segment in China, the Hong Kong-listed company said.
Shenyang Brilliance JinBei Automobile, which manufactures minibuses and automotive components in China, posted net loss for both 2015 and 2016, it said.
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(END) Dow Jones Newswires
July 04, 2017 22:16 ET (02:16 GMT)