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Old 12-07-2009, 04:17 PM   #44
KiwiGuy
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Default Re: SAIC business news

SAIC suspends trading shares admist new restructuring programme and possible aquisition of LDV

From China Car Times:
Quote:
Shares in Shanghai Automotive Industry Corporation (SAIC) were suspended today amid plans which will see a major restructuring program at SAIC.

SAIC shares fell 0.04% to 25.3rmb and trading will start again after the announcement has been made. SAIC currently has joint ventures with China’s biggest car manufacturers GM, and VW.

The Chinese media are currently reporting that the reason for the temporary suspension of trading is due to SAIC wishing to reorganise its own international assets, which is likely to include the addition of British van maker, LDV.

SAIC are also planning to put the MG6 into production in the UK for the EU market towards the end of 2010, and could be ready to issue more shares to garner investment money to further their plans for the factory.

Another possibility that is being widely reported is that SAIC plan to alter their JV agreements, possibly either buying or selling more shares in one of their joint venture partners.

SAIC chairman, Mr. Chen Hong, has previously mentioned his strong interest in taking over LDV, and producing the van range in China whilst having the UK Longbridge factory assemble CKD kits of the vans alongside the soon to be produced MG6.
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