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SAIC to hold 83.83% shares in Shanghai Auto

Ally From Gasgoo.com| March 12 , 2007 16:56 BJT

SAIC Motor Corporation Limited announced that it would donate its RMB 5,491,549,456 state-held shares to Shanghai Automotive Industry Corp. (SAIC). So SAIC will directly hold 83.83% shares of Shanghai Auto. The transaction has not been officially rectified by the Chinese Securities Regulatory Commission. It is reported that SAIC is implementing its overall development strategy to straighten out business structure and simplify management systems. SAIC Motor's move is in line with this strategy.

SAIC is one of the representatives of the automotive industry in China. It entered the Fortune Global 500 list for sales of $1,436,500 million in 2006. SAIC would define its role as a comprehensive investment corporation in advanced manufacturing industries and modern services

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