Friday, December 26, 2008

SAIC Motor transfers 4.88% stake to Yuejin Motor

Shanghai Automotive Industry Corp (SAIC) has completed the transfer of 320 mln shares of listed arm SAIC Motor Corp Ltd (SHA 600104), equivalent to a 4.88 pct stake, to Yuejin Motor, SAIC Motor said.

In December 2007, SAIC agreed to pay 2.095 bln yuan to Yuejin Motor in exchange for the vehicle and core auto parts assets of Yuejin's unit Nanjing Automobile (Group) Corp, which owns the MG car brand.

Yuejin Motor was to receive 320 mln shares of SAIC Motor from SAIC.

In a statement filed with the Shanghai Stock Exchange today, the company said Yuejin Motor has promised not to trade these shares in the next 20 months.

SAIC still holds a 78.94 pct stake in SAIC Motor.

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