BIZCHINA / Biz Media Digest
Auto: Automakers have listing bug
(Shanghai Daily)
Updated: 2006-08-30 15:15
The listing bug that gripped the information technology industry about
five years ago seems to have hit China's auto industry now.
Shanghai Automotive Co Ltd said it plans to issue 3.27 billion A shares
at 5.82 yuan (72 US cents) each to its parent, Shanghai Automotive
Industrial Corp, to fund the purchase of SAIC's 20 billion yuan worth of
core assets. On completion of the deal, SAIC would raise its stake in
Shanghai Auto from 67 percent to 83 percent.
Auto analysts said the listing move signaled SAIC's aggressiveness to
seek a back-door listing while it also indicated Shanghai Auto's plan to
boost its competitiveness.
(For more biz stories, please visit Industry Updates)
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