Monday, February 16, 2009

Chang'an Automobile (Group) Ltd Car maker seeks buyback approval

CHANG'AN Automobile (Group) Ltd said that it will ask shareholders for approval next month to buy back as much as HK$909 million (US$117 million) of its foreign-currency denominated Class B shares to help boost the slumping share price.

Ford Motor Co's Chinese partner will repurchase stock at prices no more than HK$3.68 per share over a 12-month period, the Chongqing-based company said in a statement to the Shenzhen Stock Exchange yesterday. It will ask shareholders to approve the plan at a meeting on March 3.

The number of shares to be bought back won't exceed 18.12 percent of the company's total equity capital, Chang'an Auto said. The company's Shenzhen-listed B-shares slid 76 percent last year to HK$1.68 on October 9, the last day the securities were traded.

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