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Stake - China - Weichai raises in Torch Auto for $86 mln
HONG KONG,China -Reuters -15 May 2006: -- Weichai Power Co. Ltd., said on Sunday it would raise stake in Shenzhen-listed Torch Automobile Group Co. Ltd., to 28.12 percent from 12.69 percent for 684.75 million yuan (US$85.5 million)... The Chinese diesel engine maker said in a statement it had agreed to buy a 55 percent stake it did not own in Weichai Power (Weifang) Investment Co. Ltd., which holds stake in Torch Automobile... Torch Automobile owns 51 percent of Shaanxi Heavy-Duty Motor Co. Ltd., one of the five largest heavy-duty truck makers in China... (Exchange rate: US$=HK$7.8=8.01 yuan)
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