Far East Horizon Ltd. is selling underlying assets of two subsidiaries to China International Capital Corp. Ltd.
Under separate agreements, China International Capital will buy certain underlying assets of International Far Eastern Leasing Co. Ltd. and Far Eastern Horizon (Tianjin) Financial Leasing Co. Ltd. for 1.60 billion yuan and 852.1 million yuan, respectively. The assets represent the rights and interests of the companies related to certain finance leases.
Far East Horizon said the sale will result in a net gain of approximately 1.3 million yuan. The net proceeds from the disposal will be used on future finance lease transactions.
As of March 15, US$1 was equivalent to 6.32 Chinese yuan.
