SHANGHAI AUTOMOTIVE TO BUY STAKE IN SHANGHAI DIESEL ENGINE
AsiaInfo Services, January, 2008
AsiaInfo Services 01-04-2008 Shanghai Automotive to Buy Stake in Shanghai Diesel Engine SHANGHAI, Jan 04, 2008 (SinoCast via COMTEX) -- Shanghai Automotive Co., Ltd. (SHSE: 600104), an arm of Shanghai Automotive Industry Corporation Group (SAIC), reports on January 3, 2008 that it will spend CNY 923.42 million buying a 50.32% stake in Shanghai Diesel Engine Co., Ltd.
(SHSE: 600841). The stock of Shanghai Diesel Engine has been suspended trading since August 2007 and later on September 26 SAIC signed a letter of intent with Shanghai Electric Group Co., Ltd. (SEHK: 2727) on buying the latter's 50.32% stake in Shanghai Diesel Engine. It is Shanghai Automotive that will purchase the stake, so as to avoid competition with its parent in the same industry. The related...
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