SAIC Motor lockup for 1.63 bln shares ends Oct 24

SAIC Motor Corp Ltd, the listed unit of China's largest automaker Shanghai Automotive Industry Corp (SAIC), said 1.63 bln shares, equivalent to 49.8 pct of its total capital, will come out of lockup and be available for trading on the Shanghai Stock Exchange from Oct 24.

In October 2005, the company offered 3.4 bonus shares for every 10 tradable shares held under its state share reform plan.

In a statement filed with the Shanghai Stock Exchange, the company said parent company SAIC will be able to trade the shares after the expiry of a 36-month holding period.

However, SAIC Motor said in a separate statement that parent company SAIC has agreed to extend the lockup period for these 1.63 bln shares by another 24 months and promised not to trade these shares on the market before Oct 23, 2010.

Shares of SAIC Motor closed at 5.67 yuan on Friday, up 1.98 pct.