38% of Equity in Prometeon goes to Aeolus


On June 29, 2022, Aeolus Tyre Co., Ltd. received the Official Communication "About the Completing Acquisition of 38% Equity of Prometeon Tyre Group S.r.l.” from its Controlling Shareholder, China National Tire & Rubber Co., Ltd.

Aeolus is to be Entrusted with an Additional 38% Equity of Prometeon Tyre Group s.r.l.

According to the Official Communication, on December 30, 2021, ChemChina signed an agreement to acquire the 38% stake in PTG held by High Grade (HK) Investment Management Limited. The transaction and the filing procedure with the relevant state ministries and commissions were officially completed on June 28, 2022.

Continuing in the Official Communication, it is highlighted that ChemChina plans to entrust the 38% equity of Prometeon Tyre Group to Aeolus after obtaining the necessary internal authorisations.

Aeolus reminds investors that the custody matters described in the "Official Communication" still need to go through the necessary internal authorisation process, and therefore they need to properly consider the investment potential risks.

About the author

Ewan has been editor of Retreading Business since 2006 and of Tyre & Rubber Recycling since the magazine was founded. During this period he has become an expert on the global tyre recycling sector. He has many years' experience as an automotive journalist including a period at Tyres & Accessories.

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