Shanghai December 17 (Gasgoo.com) Younger(600177.SH), the Chinese famous garment manufacturer announced Friday that it acquired 87 million private offering shares of SAIC Motor (600104.SH) at 13.87 RMB each, with total cost of 1.2bl RMB, which account for 0.94% of total private offering share capital of SAIC Motor, CBN reported.
Besides Younger, there are 9 parties bought SAIC Motor private offering shares, which including its parent, SAIC Group, who purchased 10% of this issuance.
SAIC Corp raisd 10bl( ($1.5bl)from this private placement.
The auto makersaid earlier it plans to invest around CNY5.5 billion of the proceeds in its own-brand car projects, spend CNY1.2 billion on its commercial vehicle projects and use CNY2.7 billion on the second phase of its research and development centre. It plans to spend the remaining proceeds on an automobile-parts project.
