China Evergrande New Energy Vehicle (NEV) said it has suspended negotiations on amendments to the terms of a HK$3.89-billion ($497.42 million) share subscription agreement with Dubai-based mobility firm NWTN.
The announcement comes days after China Evergrande, the world's most indebted property developer, was ordered to be liquidated
China Evergrande New Energy Vehicle (NEV) said it has suspended negotiations on amendments to the terms of a HK$3.89-billion ($497.42 million) share subscription agreement with Dubai-based mobility firm NWTN.
In August, the electric vehicle unit of China Evergrande had agreed to issue 6.18 billion new shares to NWTN to support its parent's restructuring plan.
If the transaction had been completed, NWTN would have held a 27.50% stake in NEV, while China Evergrande's interest would have been diluted to 46.86%.
NEV said if it decides to proceed with the subscription deal with NWTN, the parties will renegotiate the amendments to certain key terms.
The parties "are still considering whether the Proposed transactions will proceed, and have yet to form a definitive view", the EV unit said.
The announcement comes days after China Evergrande, the world's most indebted property developer, was ordered to be liquidated after it was unable to offer a concrete restructuring plan. This was more than two years after it defaulted on its offshore debt and follows several court hearings.
Saudi Arabia and Indonesia signed several deals and memos of understanding worth around $27 billion between private sector institutions in several fields including clean energy and petrochemicals, the Saudi state news agency SPA reported on Wednesday.
The United Arab Emirates has welcomed the signing of the peace agreement between the Democratic Republic of the Congo (DRC) and the Republic of Rwanda, describing it as a pivotal step toward restoring peace, security, and stability across Africa.
The Egyptian government has successfully completed its second sovereign sukuk issuance, valued at $1 billion, as part of its broader strategy to diversify financing tools and investor bases.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.