Business Services Industry
New rule eases minority firm IPOs
Crain's Detroit Business, May, 1998 by McCracken, Jeffrey
JEFFREY McCRACKEN Local minority automotive suppliers such as The Bing Group, The Bartech Group Inc. and Saturn Electronics & Engineering Inc. say they are more likely to consider a public offering in the wake of a new U.S. automakers-U.S. government rule redefining minority ownership. The rule allows a publicly held company to retain minority-business status with the automakers when as little as 10 percent of its stock is held by a minority individual, compared with the 51 percent required previously.
'It does gives us another option. It's definitely a positive thing for minority business owners,' said Dave Bing, president and owner of the Detroit-based Bing Group, a supplier of stamping, assembly and steel to the auto industry with annual sales around $180...
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