SAIC gets go-ahead for share transfer

SHANGHAI Automotive Industry Corp (Group), China's largest auto maker, has received government approval to transfer shares in a listed unit to Nanjing Automobile Group Corp.

Shanghai Auto received notice recently from the local state-asset supervision and administration agency to transfer 320 million shares in SAIC Motor Corp to Nanjing Auto, the listed unit told the Shanghai Stock Exchange on Saturday. After the transfer, Nanjing Auto will hold 4.88 percent of SAIC Motor.

(Agencies)

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