China: SAIC board approves 1% GM stake sale

Shanghai Automotive Industry Corp’s (SAIC) board has approved plans to sell a 1% stake in the Shanghai GM venture back to venture partner General Motors, reports Bloomberg. The purchase will cost GM Yuan 580m (US$91.4m). The Chinese OEM unveiled details of the arrangement on the Shanghai Stock Exchange website. The agreement … It’s time to …

Shanghai Automotive Industry Corp’s (SAIC) board has approved plans to sell a 1% stake in the Shanghai GM venture back to venture partner General Motors, reports Bloomberg. The purchase will cost GM Yuan 580m (US$91.4m). The Chinese OEM unveiled details of the arrangement on the Shanghai Stock Exchange website.

The agreement …

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