China's BYD transfers stake in membrane firm

Date:2011-11-23     Source:liaoyanzhuling  Text Size:

Nov 18 (Reuters) - Electric vehicle maker BYD Co Ltd said on Friday its Hong Kong subsidiary will transfer a 33.4 percent stake in Foshan Jin hui Hi-tech Photoelectric Material Co to 100 Industrial Co for 496 million yuan ($78.1 million).

The firm said in a filing to the Shenzhen stock exchange that transferring the stake in Foshan Jin Hui, which manufactures membranes, will help BYD focus on its core business strengths.

Foshan Jin hui was a joint venture set up by U.S. billionaire Warren Buffett-backed BYD and Foshan Plastics Group.


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