FDG Electric Vehicles’ has sold a stake in its lithium-ion battery production unit to private-equity investor CIAM Group for HK$750m ($96.8 million).
CIAM Group will pay for a 25% minority stake in Synergy Dragon by issuing convertible bonds to FDG.
Synergy Dragon is an indirect wholly-owned subsidary of FDG, a Hong Kong-listed battery manufacturer for EVs. FDG’s shareholding in the lithium-ion battery maker is now 75%.
