Aeolus gains additional 38% stake in Prometeon

On 28 June, China National Tyre & Rubber Co., Ltd (CNRC), a subsidiary of state-owned conglomerate Sinochem Holdings, completed the acquisition of the 38 per cent share in Prometeon Tyre Group (PRG) owned by High Grade (HK) Investment Management Ltd. Once it has concluded “internal decision-making procedures,” CNRC will entrust its stake in PTG to Aeolus Tyre.

With this deal, CNRC has become the direct stakeholder of 38 per cent of Prometeon’s shares, while Aeolus holds a ten per cent stake. The remaining 52 per cent is owned by TP Industrial Holding S.p.A. – a company controlled by CNRC.