Sep. 6, 2012 (China Knowledge) - Guangzhou
Automobile Group Co Ltd<601238><2238>, a major automaker in South China, has announced today that it has agreed to sell a 50% stake in GAC Mitsubishi Motor Co to Mitsubishi Motors Corp and Mitsubishi Corp.
Upon the completion of the deal, Guangzhou Auto will own 50% of GAC Mitsubishi, and Mitsubishi Motors Corp and Mitsubishi Corp will hold a 33% and 17% stake in GAC Mitsubishi, respectively.
From Aug. 6 to Sep. 3, 2012, the public listing for transfer of the 50% equity interest
in GAC Mitsubishi was announced at Guangzhou Enterprises Mergers and Acquisitions services at a floor price of RMB 1.39 billion.
Guangzhou Auto said earlier that its net profit fell 15.15% YoY to RMB 1.48 billion in the first half of this year, according to an earlier report from China Knowledge.