Kenon unit in pact with Wuhu Chery and new investor on Qoros investment
Qoros Automobile, which is 50%-owned by Quantum, a wholly-owned subsidiary of Kenon Holdings, announces that Qoros, Quantum, Wuhu Chery Automobile Investment Company Limited, which owns the other 50% of Qoros, and a new China-based investor, have entered into an investment agreement that provides for the new investor investing approximately RMB6.5B, approximately $942M, in Qoros for a controlling interest in Qoros. The new investor's investment is subject to a number of conditions which must be satisfied by a certain date, some of which are beyond the parties' control and which the parties may be unable to satisfy. These conditions include regulatory approvals and completion of regulatory processes, consents from lenders and further documentation, including entry into additional agreements. Kenon also announces that Qoros, Quantum and Wuhu Chery's investment agreement with Yibin Municipal Government, through its investment platform company, which was announced on April 6,, will not take effect, and that Yibin will not make an equity investment in Qoros.