(Hong Kong, 22 February 2023) — Apollo Future Mobility Group Limited (“AFMG” or the “Company”, HKEX stock code: 860, together with its subsidiaries, the “Group”) announces that the Company completed the sales of the entire issued share capital of its direct wholly-owned subsidiary, Ideenion Automobil AG (the “Target Company”), a German automotive engineering services outsourcing provider for a total cash consideration of EUR15 million (equivalent to approximately HK$126,132,000). Following the completion, the Group ceases to hold any interest in the Target Company and its subsidiaries.
With the Group's strategic plan to focus on electrification and hence become one of the leaders in smart mobility services industry, the Company intends to use the proceeds from the disposal for research and development on its own branded vehicles development business and related business, and as general working capital of the Group.
Mr. Ho King Fung, Eric, Chairman of AFMG, said, “We are delighted to have completed the disposal of Ideenion Automobil AG. This transaction enables the Group to dispose of its investment at a reasonable price while further optimizing the Group's business, allowing the Group to be better resourced to invest in the very promising luxury smart electric passenger cars (“EV(s)”) business. Riding on the strong momentum of smart mobility market across the globe, the Group will continue its robust development of own branded hypercars and luxury smart EVs, thereby further enhancing its growth potential and maximizing returns for its shareholders.”