SAIC Now China's Largest Car Firm
SAIC has completed a pounds 1.2 billiorestructuring that has turned it into China's largest domesticallylisted carmaker.
Under a plaunveiled in July, Shanghai Automotive Industries Corporatio-the company makes new versions of the Rover 75 - transferred key operations to its Shanghai Automotive subsidiary iexchange for about pounds 547 million-worth of new shares ithe unit, securing a fund-raising channel to aid the group's global expansion.
Shanghai Auto now has a market value of about pounds 1.53 billion, based on Tuesday's closing share price, making it one of the 20 most heavily capitalised companies othe Chinese stock markets.
The restructuring significantly increases Shanghai Auto's net asset value and profits, the company said. Assets injected include stakes iventures with General Motors and VW.