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Ayala sells 92.4% stake in German auto parts maker

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Conglomerate Ayala Corp. said Tuesday wholly-owned subsidiary AC Industrial Technology Holdings Inc. sold its entire stake in German automotive parts

AC Industrial, and in turn Ayala, will book a loss of about 26 million euros from the transaction.

The conglomerate said the deal is part of the group’s overall plan to generate $1 billion from sale of non-core assets and stake in joint venture partnerships. Ayala’s electronics manufacturing unit IMI Inc. earlier said it would sell its 80-percent stake in United Kingdom-based electronics manufacturer for £2.2 million . The deal will result in IMI booking $84-million loss.

 

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Ayala sells 92.4% stake in German auto parts markerConglomerate Ayala Corp. said Tuesday wholly-owned subsidiary AC Industrial Technology Holdings Inc. sold its entire stake in German automotive parts
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