Shanghai Bashi to have SAIC as big shareholder

Shanghai, August 15 (Gasgoo.com) The restructuring plan released by Shanghai Bashi Industrial (Group) Co today showed that the company may choose to buy 23 auto-parts company from the previous fixed 31. Compared to the initial proposal, three non-profitable companies and two companies failing to merger are abandoned, said Shanghai Securities News today.

Shanghai Bashi has projected three steps for the final restructuring strategy: first, 30.003% Beijing Bus shares held by Shanghai Jiushi Corporation and two other groups will be transferred to Shanghai Automotive Industry Corporation (SAIC) for free; second, except the shares of China Minsheng Bank and Industrial Securities owned by Shanghai Bashi, the company will sell the whole assets and debt valued at 2.454 billion yuan($356 million) to Shanghai Jiushi Corp; third, Shanghai Bashi will buy all the assets and debt related to SAIC's independent components business through offering 1.111 billion shares with each share valued at 7.67 yuan, totaling 8.519 billion yuan for the whole assets.

Beijing Bus will boast an independent auto parts supply business originally owned by SAIC as the restructuring is completed. The company will become the largest independent listed auto-parts supplier in China's A share market.