SAIC Motor will make a private purchase of controlling company SAIC Group’s autopart, trade relations and new energy vehicle services, the China Securities Journal reported. The services being traded total CNY28.56bn (US$4.37bn) in assets.
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According to gasgoo.com, SAIC Motor board secretary Wang Jianzhang revealed that, following this round of restructuring, all departments of the manufacturer would be operational. The move will see direct relationship between SAIC Motor and its parent being heavily cut back.
The transaction would also see SAIC Motor’s stake in Huayu Automotive increasing to 60.10%.
