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FAW Group not to be publicly traded

Carmen Lee From Gasgoo.com| June 15 , 2011 04:34 BJT

Gasgoo.com (Shanghai June 14) - Rumors that FAW Group is planning to enter the stock exchange have been rebuffed, China Business News reported today.

The rumors reportedly came from a source within FAW who said that the company has already sent in a request to the proper authorities, which its two branches FAW Car and FAW Xiali denied yesterday, adding that there were no such plans for at least three months.

The source was also quoted as saying that elections for a new CEO were to take place within the year. FAW Car and FAW Xiali confirmed that internal restructuring was being undertaken at FAW, but did not provide any more concrete details.

FAW's other listed subsidiary, FAW Tomio, has yet to issue an official response to any of the news.

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