BAIC Motor to Sell 51% of Subsidiary to Controlling Shareholder

MT Newswires Live11-24

BAIC Motor (HKG:1958) agreed to sell 51% of its wholly owned subsidiary BAIC International to its controlling shareholder BAIC Group for a total consideration of 1.61 billion yuan, according to a Nov. 21 Hong Kong bourse filing.

Shares of the automaker were up nearly 4% in Monday morning trade.

The final price will be finalised based on an appraised valuation filed with the relevant state-owned assets regulator.

Following completion, BAIC International will be owned 51% by BAIC Group and 49% by BAIC Motor, and will cease to be consolidated into the group's accounts.

BAIC Motor expects to recognise a pre-tax gain of about 2.2 billion yuan from the sale and said proceeds will strengthen working capital and support business development.

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