Monday 2011-07-04  17:24Publisher: July 4 -- Henan Province Xixia Automobile Water Pump (002536) will spend 56 million yuan to acquire a 48-percent stake in Xixia Automobile Water Pump Special Foundry from Xixia Fuyunda Logistics, reports Securities Times. The deal will boost Xixia Automobile Water Pump’s holdings in Xixia Automobile Water Pump Special Foundry from the current 52 percent to 100 percent.

Since Xixia Automobile Water Pump produces pumps used in vehicle engines, the company will sell part of the unrelated assets in the acquired target to Xixia Zhongde Auto Parts for 51.42 million yuan.

Shares of Henan Province Xixia Automobile Water Pump (002536) ended the trading day at 26.70 yuan per share.

Source:CapitalVue