SAIC suspends trading, awaiting asset injection

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SAIC suspends trading, awaiting asset injection

Source: globaltimes.cn
[14:28 February 12 2011]
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Shanghai Automotive Industry Corporation (SAIC), one of the listed subsidiaries of SAIC Group will suspend its shares trading from February 14 in order to get prepared for an asset injection from its holding company, according to sina.com on Saturday, citing a source close to the SAIC Group.

According to the report, SAIC Group is mulling an asset restructure among its subsidiaries and some service-oriented assets which are still unlisted would be injected into SAIC while the group's three independent auto parts companies would go to Huayu Automotive Systems Co Ltd (Huayu Auto) .

Both SAIC and Huayu Auto announced Friday the suspension of their shares trading in the statements filed with the Shanghai Stock Exchange .

SAIC Group owns 12 service-oriented companies covering the automotive categories of logistics, finance, marketing services, goods trade, asset management and vehicle information.

According to a statement on December 10 last year released by Huayu Auto, the buyer will acquire entire equities of Shanghai Sandmann Foundry Co Ltd for 38.78 million yuan ($5.88 million), a 50 percent stake in Shanghai Sachs Powertrain Components Systems Co Ltd for 122 million yuan ($18.51 million) and a 100 percent stake in Shanghai Xingfu Motorcycle Co Ltd for 30.1 million yuan ($4.57 million).