DENWAY Investment expects to clinch two joint-venture deals with Guangzhou-owned car component makers by September. ''We are of course aiming at a majority stake in both cases, though details are yet to be negotiated,'' said deputy managing director Pan Jinbo. Mr Pan, who would not divulge Denway's intended investment or the identities of the plants, said neither deal would need Beijing approval as joint ventures in Guangzhou with a registered capital of less than US$30 million needed only municipal governmentapproval. Denway, whose February flotation was 659 times oversubscribed, has its industrial activities based in Guangzhou. It opened a new head office in Yue Xiu Building in Wan Chai yesterday. Yue Xiu Enterprise holds a 17.74 per cent stake in Denway. Denway owns a 95 per cent interest in Weida, which in turn wholly owns Guangzhou Auto Group Corp. Guangzhou Auto holds a 46 per cent stake in Guangzhou Peugeot, which provides the main source of income for Denway. Denway is 54.26 per cent held by a wholly owned subsidiary of Guangzhou Jinda Motors Holdings Enterprises, and three per cent by Peregrine.
