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Sichuan Changzheng Machine Tool Group to Sell 23% Stake

[2008-4-3]

Sichuan Changzheng Machine Tool Group Co (CCZMT), a mid-sized machine tool maker in China, announced its plan to sell a combined 23% stake to an outside investor, preferably a financial investor.

The CCZMT, based in the western Chinese province of Sichuan, mainly produces lathes and milling machines and is owned by several local individual and institutional investors.

It had reportedly had preliminary talks with potential partners, including Morgan Stanley, which backed away from the auction of 30% of China's top lathe maker, Shenyang Machine Tool (Group) Co Ltd after due diligence.

Other interested investors include a unit of Goldman Sachs and an investment firm controlled by Chinese entrepreneur Guo Guangchang

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