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Parent Co to further raises stake in Guangzhou Auto

Sep. 14, 2012 (China Knowledge) - Guangzhou Automobile Group Co Ltd<601238><2238>, a major automaker in South China, has announced today that its parent company Guangzhou Automobile Industry Group Co had purchased 64.36 million A shares and 37.98 million H shares as of Sep. 13.
The parent company saw its stake in Guangzhou Automobile Group increase to 57.80% after the share purchase.
The auto maker said in a statement that the parent firm plans to buy more A and H shares of the company by the end of this year, with total shares to be purchased equivalent to 5% of its share capital.

Guangzhou Automobile Group said earlier this week that it plans to raise up to RMB 6 billion through bond issue. It intends to sell up to RMB 4 billion of corporate bonds and RMB 2 billion of convertible bonds.

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