BAC founded, expected to issue IPO in proper time

• Source: Global Times
• [18:10 August 23 2010]
• Comments

Beijing Shougang Co., Ltd. released an announcement Saturday that it plans to invest 1.949 billion yuan ($286.89 million) valued stocks and cash in the Beijing Auto Co., Ltd. (BAC), becoming BAC’s second largest shareholder.

The new company, BAC, has been initiated by five of the holders of Beijing Auto Investment Co., Ltd. (BAIC) and the Beijing State-owned Assets Management Center.

BAC's registered capital totals five billion yuan ($0.74 billion) and the total investment in the company reaches 10.643 billion yuan ($1.57 billion).

Information also revealed that the firm’s operating period is 50 years and it plans to issue an IPO when conditions permit.