CZ Tire Holdings to acquire 26% Hangzhou Zhongce share

On 21 November, Hong Kong-based Bermuda corporation China Enterprises Limited announced it has entered into a definitive agreement to sell its share in tyre maker Hangzhou Zhongce Rubber Company to a company called CZ Tire Holdings Limited. According to China Enterprises, CZ Tire Holdings will pay RMB 600,000,000 (£59.6 million) for the 26 per cent share in Hangzhou Zhongce.

The parties involved anticipate that the transaction will close on or before December 13, 2011.