SAIC plan to revamp Shanghai Baishi issued

Shanghai, June 25 (Gasgoo.com) Shanghai Baishi Industrial (Group) Co., Ltd., the city's public transportation operator, made public on June 23 the plan of Shanghai Automotive Industry Corp. (Group) (SAIC), a leading car-making giant in China, to restructure Shanghai Baishi.

SAIC will get for free a 27.88% stake or 410.4793 million shares in the listed company from the Bashi's controlling shareholder Shanghai Jiushi Corp. The listed company will sell its assets and liabilities valued at 2.2 billion yuan ($320 million) except those (152 million shares by March) in China Minsheng Banking Corporation.

The listed company will issue about 1.15 billion shares to SAIC at 7.67 yuan per share, a move to exchange the carmaker's independent auto-parts-related assets and liabilities of 31 companies worth 6.27 billion yuan and 1.43 billion yuan assets and liabilities related to SAIC's operations. 

With the deal inked this week, the listed company will have capital stock of 2.62 billion shares, and 1.56 billion, or about 60% of them, will be controlled by SAIC, China's largest automaker who owns joint ventures with General Motors and Volkswagen AG and controls SAIC Motor Corp.