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Auto Italia Holdings (0720.HK): Transforming into a new energy fund commercial vehicle manufacturer to enter the new energy fund commercial vehicle blue ocean market in europe
Auto Italia Holdings is a company mainly engaged in investment holding business. Currently, its main businesses include: autos business, mainly providing distribution and after-sales service of Italian brand autos in China, the company completed the acquisition of 51% equity of Junyi in Wuhan in February 2023; property investment business, mainly income is from an industrial building in Hong Kong, a dormant site, and an office building in Scotland that the company has invested in.
Auto Italia Holdings Acquires EV Exporter to Europe
Auto Italia Arm to Acquire Hudson for HK$165.9 Million
AUTO ITALIA: INTERIM REPORT 2024
Auto Italia (00720.HK) issues new shares and notes to acquire, entering the European electric vehicle market.
Auto Italia (00720.HK) announced that it has acquired all the shares of Hudson Holding from three independent third parties. Hudson Holding and its subsidiary specialize in the research and development of electric vehicles, with a strategic focus on the electric car market in mainland China and Europe. They have obtained multiple important licenses/patents in Europe and have received orders for 81 electric cars from various car dealers in Europe. The acquisition is valued at approximately 0.166 billion yuan, which will be paid through the issuance of 61.9 million yuan of three-year zero-coupon promissory notes; and 0.8 billion shares, priced at 0.13 yuan per share, with a discount of 10.34% compared to the previous trading day (11th).
Auto Italia (00720.HK) plans to acquire the entire equity of Hudson Holding for 0.166 billion Hong Kong dollars.
Auto Italia Holdings (00720.HK) announced on September 11, 2024 that the buyer (a wholly-owned subsidiary of the company) has entered into a sales and purchase agreement with the seller regarding the acquisition. According to the agreement, the buyer conditionally agrees to acquire, while the seller conditionally agrees to sell the shares for sale (i.e. all the issued share capital of Hudson Holding Limited, the target company) for a consideration of 0.166 billion Hong Kong dollars, to be settled through the issuance and distribution of consideration shares and the issuance of acceptance bills. The consideration shares of 0.8 billion shares are equivalent to (i) approximately 15.1 billion shares of the company's issued share capital as of the date of this announcement.
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