Jiangling Motors (000550) held a board meeting on December 18th to consider the N350 project with a total investment of 598 million yuan. It is understood that the N350 is a pickup product. The project's target production program is 50,000 units/year, and the project construction period is three and a half years. The company will raise funds by itself.
At the same time, the Board of Directors approved Baodian and Baowei 08 retrofitting project --- N301 project, with a total investment of 36,100,000 yuan. The investment of the project is mainly used for mold clip inspection tools and related product development expenses. It is estimated that the production time will be 2008. Six months; Approved the 08th retrofit project of the Kaiyun - N601 project, the total investment of the project is 9.8 million yuan. The investment of the project is mainly used for mold clip inspection tools and related product development expenses. The investment production time is expected to be the first half of 2008.
As for the V128 vehicle import agreement and V128 engineering service fee proposal, Jiangling Motors approved the “E Series Imported Vehicle Purchase and Supply Contract†signed by the company and Ford Motor Company and agreed to select Jiangxi Jiangling Import & Export Co., Ltd. as the import of the transaction. Agents, and authorize the company executive committee to execute the transaction. It is understood that the V128 project refers to Jiangling Motors imports Ford Motor Company E-brand commercial vehicles and sells them on the Chinese market. The Board of Directors approved the commissioning of the Ford Motor Company for related engineering development work after the commissioning of the V128 project until 2012, and paid a total of US$1.8 million in engineering service fees to the Ford Motor Company. As Ford Motor Company holds 30% of the company's equity and is the company's second largest shareholder, and Jiangxi Jiangling Import & Export Co., Ltd. is a controlling subsidiary of Jiangling Motors Corporation, the above transactions constitute connected transactions.
Jiangling Motors yesterday's closing price was 10.65 yuan, down 0.93%.
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