January 8, 2018 / 11:06 PM / 8 months ago

BRIEF-Entity Related To Baoneng Group To Become Controlling Shareholder In Qoros

Jan 8 (Reuters) - Kenon Holdings Ltd:

* ENTITY RELATED TO BAONENG GROUP TO BECOME CONTROLLING SHAREHOLDER IN QOROS

* KENON HOLDINGS LTD - ‍AS PART OF INVESTMENT AGREEMENT, KENON WILL HAVE A PUT OPTION TO SELL ITS ENTIRE REMAINING STAKE IN QOROS​

* KENON HOLDINGS LTD - ‍ AS PART OF INVESTMENT AGREEMENT INVESTOR WILL HAVE AN OPTION TO INCREASE ITS STAKE TO 67% IN QOROS​

* KENON HOLDINGS LTD - ‍CHINA-BASED INVESTOR RELATED TO BAONENG GROUP AGREED TO INVEST ABOUT RMB6.63 BILLION FOR CONTROLLING INTEREST IN QOROS​

* KENON HOLDINGS - ‍QOROS WILL BE REQUIRED TO REPAY OUTSTANDING SHAREHOLDER LOANS TO EACH OF KENON AND CHERY IN PRINCIPLE AMOUNT OF RMB944 MILLION​

* KENON HOLDINGS LTD - WILL HAVE PUT OPTION TO SELL REMAINING INTEREST IN QOROS TO INVESTOR FOR RMB3.12 BILLION​

* KENON HOLDINGS LTD - ‍KENON WILL USE PROCEEDS FROM SALE OF ITS QOROS INTERESTS TO INVESTOR TO FUND ITS PORTION OF INVESTMENT IN QOROS​ Source text for Eikon: Further company coverage:

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