China Zenix Auto announces receipt of restructuring proposal

theflyonthewall.com

China Zenix Auto International Limited announced that its board of directors has received a preliminary non-binding proposal for a business restructuring of the company from Janhui Lai, the chairman of the company's board of directors and CEO, and RichWise International Investment Group Limited and certain of its affiliated entities. According to the proposal letter, the proposed business restructuring would involve a reorganization of the shareholding structure of the company concurrently with a number of other transactions which, if consummated, would result in a significant change in the company's business focus, as described in the proposal letter. According to the proposal letter, the Consortium Members currently own in the aggregate approximately 75% of the company's total outstanding ordinary shares. The company's board of directors intends to convene a meeting to consider this proposal and any additional proposal that may be made by the Consortium Members, if any. There can be no assurance that any definitive proposal will be made, that any agreement will be executed or that any transactions with the Consortium Members will be approved or consummated.

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