Genertec, JAC Become Controlling Shareholders of Kazakhstan's Largest Automobile Corporation

China National Machinery Import & Export Corporation (CMC), a subsidiary of China General Technology (Group) Holding Co, Ltd (Genertec) and Anhui Jianghuai Automobile Group Corp., Ltd. (JAC) jointly purchased Kazakhstan's largest automobile corporation Allur Group on May 21, becoming the group's controlling shareholders with 51 percent of the shares.

Kazakhstan is a leading economy in Central Asia and one of China's comprehensive strategic partners. It was one of the first countries involved in the Belt and Road Initiative.  

The acquisition of Allur Group was a new achievement for Genertec and JAC in participation in Kazakhstans industrial policy adjustment and its industrial deployment within the Belt and Road Initiative and China-Kazakhstan capacity cooperation.

The cooperation, which accords with the country's new economic policy of "Bright Road", will support the development of Kazakhstan's auto industry and contribute to both China and Kazakhstan's trades and exchanges.

China National Machinery Import & Export Corporation, a subsidiary of China General Technology (Group) Holding Co, Ltd (and Anhui Jianghuai Automobile Group Corp., Ltd. sign the acquisition contract with Allur Group - the largest automobile corporation in Kazakhstan - on May 21. [Photo/China General Technology (Group) Holding Co, Ltd]

(Executive editor: Li Shuling)