SAIC Approves GM Repurchase Of 1% Stake in Shanghai GM For $91.4 Million
May 27 2012 - 3:42AM
Dow Jones News
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; sarah.chen@dowjones.com