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SAIC may aspire to enter auto market in IndiaPublished: 04 Dec 2009 01:37:14 PST

More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market Dec. 4, 2009 (China Knowledge) - SAIC Motor Corp<600104>, the listed subsidiary of Shanghai Automotive Industry Corp Group, said that its shares were suspended from trading yesterday pending a meeting to be held before Dec. 9 to discuss an asset restructuring plan, but that the company will not do any asset restructuring for three months after it resumes trading.

Sources said the restructuring might have something to do with a joint venture in India. Reportedly, General Motors Corp might transfer shares of its subsidiary in India to SAIC. In return, SAIC would allow GM to raise its stake in SAIC-GM-Wuling Automobile Co Ltd, a mini-commercial vehicle joint venture.

GM China did not confirm the rumor. It only said that in the past ten years, SAIC has been a good partner, and that it would keep this relationship and make both more competitive. SAIC was not available for comment.

Shares of SAIC fell 0.04% and closed at RMB 25.53 on Wednesday.



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