Gasgoo.com (Shanghai Nov 23th)- Guangzhou Automobile Group published Resolutions of the 11th Meeting of the 4th Term of Boardin the evening of November 19th. Adopted resolutions include The proposal of the 13th five-year development Guideline of Guangzhou Automobile Groupand The proposal of GAC Mitsubishi Motors purchasing Mitsubishi Imported Vehicle Business. The latter resolution allows GAC Mitsubishi to purchase 100% of the share equity of Mitsubishi Motors. The following are full text of the resolutions.
Guangzhou Automobile Group Co., Ltd.
Resolutions of the 11th Meeting of the 4th Term of Board
The 11th Meeting of the 4th Term of Board was held in the form of communication on November 19th, 2015, Thursday. 15 of the 15 directors presented the meeting. The meeting is complying with the provisions set out by the Company Law and the Article of Association of the Company. Resolutions are legal and effective. The following resolutions were adopted:
1. The proposal of the 13th five-year development guideline of Guangzhou Automobile Group
The meeting approved the 13th five-year development guideline of the company and implementation of overall strategy in a clear and comprehensive way. The overall strategy includes 1 object, 5 parts, 1 key point and 3 breakthroughs. One object is to achieve a total production of 3 million and capacity utilization rate of 80% by end of the 13th five-year, becoming a first-class automobile group. Five parts to be strengthened are R&D, carload, parts and accessories, commercial services and financial services. One key point is to achieve leaping developments of self-owned brands. Three breakthroughs are made in electrification, internationalization and connection to achieve scale development of alternative energy vehicles, improve group’s international level and promote cooperative development of automobile industry chain. The implantation of the above overall strategy will lift the company’s key competitive power and achieve continuous development.
Voting result: 15 voters in favor, 0 objections, and 0 waive, the proposal was passed.
2. The proposal of GAC Mitsubishi Motors purchasing Mitsubishi Imported Vehicle Business
The meeting approved GAC Mitsubishi Motors’ purchase of 100% the share equity of Mitsubishi Motors. The purchase price is no more than 348 million RMB and should be no more than asset evaluation price. According to the shareholding ratio, the company should increase no more than 174 million RMB to GAC Mitsubishi Motors.
Voting result: 15 voters in favor, 0 objections, and 0 waive, the proposal was passed.
It is hereby announced.
The Board of Directors of
Guangzhou Automobile Group Co., Ltd.
November 19, 2015
