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China

China

Ming Yang board accepts privatisation bid

CHINA: The board of Chinese turbine manufacturer has entered into a "definitive merger agreement" with the group's chairman and CEO that prices the firm at $408 million.

Ming Yang chairman Chuanwei Zhang will take the company into private ownership
Ming Yang chairman Chuanwei Zhang will take the company into private ownership

The company will be acquired by a consortium of investors, lead by Ming Yang chairman Chuanwei Zhang, resulting in the company becoming privately owned.

In November, Ming Yang announced the board of directors was considering a "going private" proposal.

The investor consortium includes Zhang, the Dajun Guangcheng Capital Fund, and Guangzhou Huifu Kaile Investment. The transaction is expected to be completed in the first half of 2016.

The move is unlikely to affect the company's strategy or financial results.

"I do not expect a major impact of the 'going-private' transaction on the firm's future strategies and performance," said FTI Intelligence director Feng Zhao in November.

"Its Q2 2015 financial figures indicated that net profit grew by more than four times year-over-year, and it is likely that Ming Yang will achieve better financial results in Q3 and Q4 due to the current booming home market."

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