BAW to establish joint stock company
- Source: Global Times
- [16:05 July 30 2010]
- Comments
Beijing Automotive Industry Holding Co. Ltd., (BAIC) will establish a joint stock company-the Beijing Automotive Group Co. Ltd.- in early August. The firm will comprise the main part of BAIC's listed core assets, according to reports from Shanghai Securities News Friday.
The specific timetable for the listing was not disclosed.
The assets restructuring program has been approved by State-owned Assets Supervision and Administration Commission (SASAC). After the agreement with the JV Party is reached, Beijing Hyundai and Beijing Mercedes Benz will effectuate investments into Beijing Automotive Group, according to senior management of BAIC.
"We will set up a joint stock company and prepare for listing", said BAW officials May. According to BAW, the joint stock company will not include commercial vehicles.
