Shanghai, December 30 (Gasgoo.com) Nanjing MG Automobile Co. Ltd and Nanjing Automobile (Group) Corp are officially merged, announced by Hu Maoyuan and Chen Zhixin, president and vice president of Shanghai Automotive Industry Corp (SAIC) in a conference held in Nanjing recently, the Beijing Morning Post reported today.
Nanjing MG Automobile Company will not exist as an independent corporation but its assets will be injected into new Nanjing Auto Group, the subsidiary of SAIC for independent brands.
Several days ago, SAIC announced that the share swap deal, signed between its controlling shareholder of SAIC Motor Corp and Yuejin Motor Group, had been approved by China's state-assets watchdog, the report said. SAIC Motor Corp will transfer its 320 million yuan SAIC stocks to Yuejin Motor for free.
After completion of the merger, the new company will still be named Nanjing Automobile (Group) Corp, but it is actually the independent brand production base under SAIC.
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