China Watch : SAIC Motor plans ‘major’ news, suspends shares
Soo Ai Peng, Reuters, 11th February, 2011
Trading in the shares of China’s top carmaker SAIC Motor Corp. will be suspended from the 14th February, 2011 pending a material corporate announcement, SAIC Motor said on Friday.
SAIC Motor, the Chinese partner of General Motors and Volkswagen Group and operator of the MG Motor plant in Britain, said it has been notified by its holding company SAIC Group that it is working on a major plan involving SAIC Motor and discussions over the proposal are continuing, it said in a filing with the Shanghai Stock Exchange.
SAIC Motor said it expects to make an announcement regarding the plan in five trading days following the trade suspension.
SAIC Motor’s Shanghai-listed shares ended 0.44 percent higher on Friday ahead of the trade suspension announcement. The stock has risen 25 percent so far in 2011, compared with the 0.36 percent gain in the benchmark Shanghai Composite Index SSEC.
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