SAIC suspends trading in China over 'major' plan

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SAIC suspends trading in China over 'major' plan

Source: Xinhua
[08:17 February 12 2011]
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Shanghai Automotive Industry Corp. (SAIC), China's top carmaker, announced Friday the suspension of its shares trading, starting on Feb. 14, due to a "major" plan.

SAIC, a partner of General Motors Corp. and Volkswagen AG, said in a statement filed with the Shanghai Stock Exchange that it had been informed by its holding company, SAIC Group, that it is discussing a major plan involving SAIC.

The statement said SAIC will report on progress of the plan in five trading days.

SAIC shares rose 0.44 percent to 18.45 yuan ($2.8) at the close Friday.