SAIC buys GM stake

• Source: Global Times
• [08:14 November 19 2010]
• Comments

SAIC said its wholly-owned unit SAIC Motor HK Investment Ltd had acquired 15.2 million ordinary shares for $500 million, accounting for just under one percent of GM's total equity.

The unit paid $33 per share and would raise all the capital from the Hong Kong financial market, SAIC said in the statement.

General Motors said it was happy with China's SAIC Motor Corp's decision to participate in its public offering.

Agencies