Bohai Capital Holding Co. Ltd. unit Tianjin Bohai Leasing Co. Ltd. agreed to sell a 35.87% stake in Wanjiang Financial Leasing Co. Ltd. to Anhui Transportation Holding Group Co. Ltd. for 2.98 billion yuan.
Tianjin Bohai Leasing will sell 1.65 billion shares of Wanjiang Financial Leasing to Anhui Transportation.
Following the sale, Anhui Transportation will become Wanjiang Financial Leasing's largest shareholder, while Tianjin Bohai Leasing's stake will fall to 17.78% from 53.65%.
The stake sale is subject to shareholder and regulatory approvals.
As of Sept. 28, US$1 was equivalent to 6.87 Chinese yuan.