SHANGHAI AUTOMOTIVE VOWS TO BID FOR SSANGYONG MOTOR
AsiaInfo Services, July, 2004
AsiaInfo Services 07-09-2004 Shanghai Automotive Vows to Bid for Ssangyong Motor SHANGHAI, Jul 09, 2004 (SinoCast via COMTEX) -- Shanghai Automotive Industry Corporation (Group), one of the top 3 auto groups in China, will bid for Ssangyong Motor, a premier manufacturer of sports utility vehicles and recreational vehicles, against a US fund company, unveiled a Ssangyong Motor's creditor. " We have received four bidding letters and now Shanghai Automotive and a US fund company are in consideration", said Chohung Bank, another major creditor of Ssangyong Motor. Ssangyong Motor's creditors are auditing the bidding letters and will determine a preemptive bidder very soon.
Chohung Bank said the preemptive bidder must deposit money equal to 5% of the bidding price...
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