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South Korea News In the case of Shanghai Automotive Co., Ltd., China’s Shanghai auto company, to acquire Ssangyong Motor’s priority negotiating partners, Saudi Arabia’s Prince Sultan Binbandal-Apaisha (transliteration) has expressed interest in the acquisition. According to industry news on the 20th, the Crown TECH SAUDI company, headed by the Prince of Sudan, sent two business assistants to South Korea from August 4th to 18th to request South Korean partner GROUP Tech KOREA to submit a letter of intent to Ssangyong Motor’s creditor group and come forward. Negotiate acquisitions. The Prince of Sudan’s plan is to maintain the current production facilities and staff in South Korea, and to build production lines in Saudi Arabia and develop and sell civilian and official vehicles that meet the characteristics of the Middle East. In particular, the Prince of Sudan showed strong interest in acquiring and decided to raise the purchase price of China Shanghai Auto, which has been selected as the priority negotiating partner. GROUP TECH KOREA will act as the agent of the Prince of Sudan and will submit a letter of intent to the creditor group within one week. The Sudanese prince is the grandson of Saudi second-generation king Piasa. His father currently holds a post in the Saudi Defense Ministry. Yunhai provides
May 23, 2024