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.
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.
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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)