SAIC Approves GM Repurchase Of 1% Stake in Shanghai GM For $91.4 Million

Date : 05/27/2012 @ 3:42AM
Source : Dow Jones News

SAIC Approves GM Repurchase Of 1% Stake in Shanghai GM For $91.4 Million

Saic Motor Co. Ltd 'a'cny1 (SHX:600104)
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SAIC Motor Corp. (600104.SH) said its board has approved the sale of a 1% stake in its joint venture with General Motors Co. (GM) back to the U.S. car maker for $91.4 million in cash.

In a stock exchange filing Saturday, SAIC said the stake was sold by SAIC Motor Hong Kong Investment Ltd., a wholly owned SAIC unit.

GM currently holds a 46.357% stake in Shanghai GM, the joint venture.

As GM was sliding into bankruptcy in 2009, it sold the 1% stake for $84.5 million, giving SAIC majority control of the joint venture.

SAIC said the deal still needs Chinese regulatory approval.

-Sarah Chen contributed to this article, Dow Jones Newswires; (8610) 8400 7719;

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