SAIC raises shareholding in Panzhihua New Steel

Shanghai Automotive Industry Corp (SAIC), China's third-largest automaker, has raised its shareholding to 5.52% in Panzhihua New Steel & Vanadium Co Ltd, according to information from the Shenzhen Stock Exchange.

The automaker acquired 222.1 million shares of the Sichuan-based company for 2.1 billion yuan as of Apr. 23. The average price of the share transaction was 9.71 yuan apiece.

SAIC expects to profit by selling the shares to Anshan Iron and Steel Group, one of the largest shareholders of Panzhihua New Steel & Vanadium Co, when it exercises the second cash option two years later.