BUZZ-Brilliance China Automotive sinks to 5-month low as chairman quits

Reuters09-12

** Shares of Brilliance China Automotive Holdings Ltd

drop as much as 11.2% to HK$2.62, their lowest since April 5, and on course for a fifth consecutive session of fall

** Stock on track for the biggest one-day pct decline since Feb 6, if trend holds

** The Chinese vehicles maker says Wu Xiao An has tendered his resignation as an executive director of the company and chairman of the board with effect from Sept 11 due to his other commitment

** Co says it is in the process of identifying a suitable candidate to be appointed as the authorised representative

** BMW holds 75% of BMW Brilliance Automotive via a joint venture with Brilliance China Automotive

** Hang Seng Commerce & Industry Index adds 0.9% and Hang Seng Index climbs 0.8%

** Brilliance China stock up 73.6% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment