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Inchcape sells its Hong Kong-based finance company for 92 mln stg


Published : Thu, 01 Feb 2007 08:40
By : Agencies
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LONDON (AFX) - Inchcape PLC, the automotive retailer, has sold Inchroy Credit Corp -- its joint venture finance company in Hong Kong -- to to Wing Hang Bank Ltd for about 92 mln stg, the company said in a statement.

Inchroy was a 50/50 joint venture with BankAmerica International Financial Corp and the net proceeds due to Inchcape are 50 pct of the total consideration.

Earlier this month, Inchcape made a 480-pence-a-share offer for 93.67 pct of European Motor Holdings PLC and has given it until Feb 6 to accept.

Inchcape's manufacturing partners include: Toyota/Lexus, Subaru, BMW, Mazda, Mercedes-Benz, PAG, Volkswagen, Audi and Honda.

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