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SAIC Motor buys services from parent SAIC Group

Carmen Lee From Gasgoo.com| April 07 , 2011 16:40 BJT

Gasgoo.com (Shanghai April 6) - SAIC Motor announced yesterday that it will be conducting a private purchase of controlling company SAIC Group’s autopart, trade relations and new energy vehicle services, the China Securities Journal reported. The services being traded total 28.56 billion yuan ($4.37b) in assets.

SAIC Motor Board Secretary Wang Jianzhang revealed to reporters that following this round of restructuring, all departments of the manufacturer would be operational. The move will see direct relationship between SAIC Motor and its parent being heavily cut back.

The transaction would also see SAIC Motor’s stake in Huayu Automotive increasing to 60.10 percent.

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