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SAIC transfers Ssangyong equity to subsidiary

(Korea Herald)
Updated: 2007-05-23 11:37

The Shanghai Automotive Industry Corp (SAIC) has announced that its Shanghai Automotive Co Ltd subsidiary has become the Korean Ssangyong Motor’s main shareholder, having acquired the SAIC holding company’s 51.33% holding in Ssangyong, on top of the equity it had acquired via transfer from another SAIC entity last year.

Shanghai Automotive now controls all SAIC’s vehicle and component businesses, including Shanghai General Motors Co., Ltd.