Sudden suspension of Shanghai Automotive announced yesterday the specific content of its major restructuring. Yesterday morning, Shanghai Automotive Group Co., Ltd. held a board meeting. The meeting reviewed and approved the Proposal on Acquiring 1% of Shanghai General Motors Co., Ltd. and the Company's Major Asset Restructuring Plan. The meeting announced that Shanghai Automotive Group Co., Ltd. plans to acquire 1% equity of Shanghai General Motors Co., Ltd. held by General Motors China Co., Ltd. at a price of US$84.5 million through a wholly-owned subsidiary Shanghai Automotive Hong Kong Investment Co., Ltd. It is reported that after the acquisition is completed, SAIC will achieve a controlling share in Shanghai GM.
The announcement also showed that this major asset restructuring does not involve other personnel adjustments and arrangements. The business model of Shanghai GM will not change. The cooperation methods of Shanghai GM's original technology, brand, management, and operation will remain unchanged. Stay and continue.
It is reported that Shanghai General Motors was established in 1997, and Shanghai Automotive Group Co., Ltd. and General Motors Co., Ltd. each contributed 50% of the capital; after this share transfer is realized, SAIC will hold this joint venture company. At the same time, Shanghai Auto will be able to share Shanghai GM's sales and profits after increasing its shareholding in Shanghai General Motors.
In addition, due to the reorganization of the suspension occurred just before the exercise of SAIC warrants, the industry also believes that this is a big advantage for the company to ensure the smooth execution of the warrants. If the 61 billion yuan warrants financing goes smoothly, the company will With this part of the funds to enter the overseas market. Previously there was news that SAIC will join forces with local British companies to acquire LDV light commercial vehicle manufacturing company in Birmingham.
According to public information, the annual production capacity of LDV Group is 13,000 units. Due to continuous losses, LDV was once acquired by a Russian automobile company. In June of this year, LDV entered bankruptcy protection. If Shanghai Automotive successfully acquires this company, SAIC will be able to locally produce and sell LDV light commercial vehicles in the UK.
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