Tianjin Automotive Xiali Co. Ltd. reportedly will sell a controlling stake to First Automotive Works (FAW) for RMB1.42 billion ($171.6 million). Tianjin Xiali’s parent company, Tianjin Automotive Industry Corp., agreed on Aug. 26 to sell a 50.98% stake in Tianjin Xiali to FAW, China’s largest auto maker. Some 739.29 million state-owned institutional shares will be sold to FAW at RMB 1.9229 ($0.23) a share. The shares make up 60% of Tianjin Auto’s 84.97% stake in Tianjin Xiali.
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