Cars

SAIC's parent likely to list assets

(Agencies)
Updated: 2011-02-14 15:14

Shanghai Automotive Industry Corp, the parent of China's largest domestic automaker, may list all of its operating assets, the Bloomberg News reported on Monday, citing two people familiar with the plan.

The two listed units of Shanghai Automotive, SAIC Motor Corp and Huayu Automotive Systems Co, suspended trading of their shares according to separate filings to the stock exchange on Feb 11, the report said.

Shanghai Automotive sold automaking assets to SAIC in 2006 and car-parts operations to Huayu in 2008 as part of a wider transfer of businesses from China's State-controlled companies to listed units, according to the report.

Related readings:  SAIC to suspend share trading  SAIC says on schedule to make, sell sedan in UK  SAIC may get access to GM's UK market  GM says happy with SAIC's participation in its IPO

The Shanghai government-owned automaker is seeking to expand as vehicle sales jumped 32 percent in the nation last year, it reported.

Zhu Xiangjun, a spokeswoman of SAIC, didn't return telephone calls seeking comment, the report said. Johan Willems, GM's Shanghai-based spokesman also declined to comment.

Meanwhile, SAIC, China's biggest domestic automaker, is considering raising production capacity at its minivan venture with General Motors Co by at least 15 percent from its current target, the report said, citing an anonymous source.