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SAIC targets whole listing of auto parts business in 2009

BEIJING, Apr 09, 2009 (Xinhua via COMTEX) --

Company: Shanghai Automotive Co (SAIUF)

Shanghai Automotive Industry Corporation (SAIC) targets to complete a backdoor whole listing of its auto parts business this year.

According to SAIC, to complete the listing is one of the key tasks for the company, which has three major business blocks including whole car, auto parts and service trade. By way of restructuring, the company completed overall listing of its whole car business recently.

Some of SAIC's auto parts business was listed through Shanghai Bashi Industrial (Group) Co., Ltd. earlier. SAIC obtained 440 million shares, or 40 percent stake, of Bashi in September 2008 through free transfer by State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government.

At the same time, SAIC added its stake in Bashi to 1.52 billion yuan, or 60.10 percent, through directional share placement. Enditem

Copyright (C) 2009 Xinhua Economic News. All rights reserved

News Provided by COMTEX

Company: Shanghai Automotive Co (SAIUF)


Related terms: auto parts, business, government, industrial, restructuring, shanghai, trade, yuan

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