Yuejin Motor Adds Holding In SAIC Motor To 5.5%

The Shanghai State-owned Assets Supervision and Administration Commission certified Shanghai Automotive Industry Corporation (Group) will hand over 40.3066 million shares of SAIC Motor Corporation (SHSE: 600104) to Yuejin Motor (Group) Corp. for free. Shanghai Automotive Industry Corporation and Yuejin Motor (Group) Corp.  confirmed their share transfer agreement on April 28 last year.

SAIC Motor sustains its total capital stock above 6.55 billion shares at the time of integration of the deal. Shanghai Automotive Industry Corporation and Yuejin Motor (Group) Corp. maintains 5.13 billion shares and 360.31 million shares, computing for 78.28 percent and 5.50 percent of the total capital stock individually.

According to their partnership agreement, Shanghai Automotive Industry will undertake the auto business of Yuejin Motor. SAIC Motor will be buying the total vehicle and part assets of Yuejin Motor, and the later one will own 320 million shares in earlier one. Yuejin Motor bought the 320 million shares in December 2008 and the share transfer increased its holding in SAIC Motor from 4.88 percent to 5.50 percent.

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