SAIC Approves GM Repurchase Of 1% Stake in Shanghai GM For $91.4 Million
05/27/2012| 03:27am US/Eastern
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SAIC Motor Corp. (600104.SH) said its board has approved the sale of a 1% stake in its joint venture with General Motors Co. (GM) back to the U.S. car maker for $91.4 million in cash.
In a stock exchange filing Saturday, SAIC said the stake was sold by SAIC Motor Hong Kong Investment Ltd., a wholly owned SAIC unit.
GM currently holds a 46.357% stake in Shanghai GM, the joint venture.
As GM was sliding into bankruptcy in 2009, it sold the 1% stake for $84.5 million, giving SAIC majority control of the joint venture.
SAIC said the deal still needs Chinese regulatory approval.
-Sarah Chen contributed to this article, Dow Jones Newswires; (8610) 8400 7719; sarah.chen@dowjones.com
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