SAIC's new shares
By Jin Jing |
August 4, 2011, Thursday
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Print Edition
Print Edition
SAIC Motor Corp yesterday said it has won conditional approval from China's securities regulator for its planned issue of new shares to buy additional assets from parent SAIC Group.
The regulatory approval enables China's largest auto group to move forward toward its group listing.
Under the plan, SAIC will issue 1.73 billion shares at 16.50 yuan (US$2.50) and receive 28.6 billion yuan worth of assets, including the group's assets in parts making, trading, service and new-energy car operations.
The regulatory approval enables China's largest auto group to move forward toward its group listing.
Under the plan, SAIC will issue 1.73 billion shares at 16.50 yuan (US$2.50) and receive 28.6 billion yuan worth of assets, including the group's assets in parts making, trading, service and new-energy car operations.
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