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Regulator okays SAIC buying Shanghai Diesel Engine

George Gao From Gasgoo.com| April 10 , 2008 16:42 BJT

Shanghai, April 10 (Gasgoo.com) SAIC Motor Corp Ltd, which has agreed to buy a 50.32% stake in Shanghai Diesel Engine Co Ltd., received the go-ahead for the deal from the State-owned Assets Supervision and Administration Commission of the State Council.

Shanghai Electric Group announced yesterday that it obtained approval from the state-owned assets regulator to sell its entire 24,170,928 shares, or a major state of 50.32%, in Shanghai Diesel Engine to SAIC Motor Corp.

However, the stake transfer deal will not be completed until it is examined and green-lighted by the Ministry of Commerce and China Securities Regulatory Commission.

Shanghai Diesel Engine Co., Ltd. is the leading manufacturer of diesel engines in China. The company's products are widely used in heavy-duty vehicle, passenger car, engineering machinery, ships, mobile power stations and other fields.

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