China FAW Group considers listing as a group via FAW Car
BEIJING (XFN-ASIA) - China FAW Group Corp, one of China's three largest automakers, is considering listing as a group via unit FAW Car Co Ltd (SZA 000800), the 21st Century Business Herald reported, citing sources.
The report said plans are far advanced, with the group considerng as its primary option a new-share placement by FAW Car to FAW Group, as well as the purchase of some FAW Group assets.
The assets may include FAW Group's stake in FAW-VW Automobile Co Ltd, a passenger sedan joint venture between FAW Group and Volkswagen AG, Audi AG and Volkswagen Automobile (China) Investment Co Ltd, the report said.
FAW Group currently has three listed units - FAW Car, Tianjin Faw Xiali Automotive co Ltd (SZA 000927) and Changchun FAW-Sihuan Automobile Co Ltd (SHA 600742).
Earlier this month, FAW Car said unaudited 2006 core revenue declined 3.58 pct to 9.96 bln yuan, with a net of 347.39 mln yuan, up from 337.62 mln a year earlier.
Following the report of FAW Car were suspended today. FAW said it will make a disclosure soon.