Guizhou Tire completes ownership restructuring at parent company

Guiyang, China – Guizhou Tire has confirmed the completion of an ownership restructuring at its controlling shareholder, Guiyang Industrial Investment Co., following a transfer of shares between two state-owned investment groups.

Guizhou Provincial Industrial Development Co. acquired a 17.3471% stake in Guiyang Industrial Investment from Guiyang Industrial Development Holding Group under an agreement signed 29 Sept, the tire maker announced 13 Oct.

The transaction makes Guiyang Industrial Investment a wholly owned subsidiary of Guizhou Provincial Industrial Development, which previously held approximately 82.65% of its shares.

The restructuring was undertaken to “optimise resource allocation, promote industrial development across the province” and support Guizhou's efforts to build a “modern industrial system”, according to the company.

Guizhou Tire said it had received confirmation that the transaction was completed, with Guiyang Industrial Investment having registered the ownership changes and obtained a new business licence.

The company stressed that the restructuring did not involve any change to the number or proportion of shares held by its controlling shareholder.

Guiyang Industrial Investment continues to hold a 21.92% stake in Guizhou Tire, according to the updated ownership structure.

The transaction does not change Guizhou Tire's controlling shareholder, indirect controlling shareholder or ultimate controller, the filing stated.

The restructuring “will not affect the company's production and operations,” Guizhou Tire added.