(Yicai) Jan. 19 -- Troubled Brilliance Auto Group Holdings, which is the partner in German auto giant BMW’s joint venture in China, said today that it is not considering selling its remaining equity in the JV.

Brilliance Auto has not received any written or oral communication from government authorities, regulators or shareholders about such a sale, the Shenyang-based company said.

Brilliance Auto is mulling selling its remaining 25 percent equity in BMW Brilliance Automotive, and a number of Chinese companies are interested in it, including China FAW Group, Automotive News Europe reported earlier. Negotiations are ongoing and no final decision has been made. A deal may not be reached, it added.

BMW Brilliance was set up in 2003 as an equally owned JV. But after Brilliance Auto, which is owned by the Liaoning State-owned Assets Supervision and Administration Commission, entered bankruptcy proceedings in March 2021.

BMW hiked its stake in BMW Brilliance to 75 percent in February 2022, with Brilliance Auto owning the remainder.

Editor: Kim Taylor