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SAIC to sell back 1% equity stake to GM

May. 28, 2012 (China Knowledge) - SAIC Motor Corp Ltd<600104>, China's No.1 carmaker, said its board of directors has approved the sale of a 1% stake in Shanghai GM, its joint venture with General Motors Co, back to the U.S. carmaker for US$91.4 million in cash.

In a statement filed with the Shanghai Stock Exchange, SAIC announced the deal, including an annual interest of 4.86%. The target stake will be sold by a SAIC unit, SAIC Motor Hong Kong Investment Ltd.

At present, GM holds a 46.36% stake in Shanghai GM.

Lori Arpin, a spokeswoman for GM, said SAIC's board approved the transfer on May 24. The deal, however, is still subject to approval from Chinese regulators, said SAIC.

In 2009, GM slid into bankruptcy and sold the 1% stake to SAIC for US$84.5 million, giving the Chinese company majority control of the Shanghai GM.

GM aims to double vehicle production in China to 5 million units by 2015, sources reported.

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