Shanghai Automotive Group Co., Ltd. is considering injecting a commercial vehicle asset into Shanghai Diesel Engine Co., Ltd. after acquiring a controlling stake in Shanghai Diesel Engine Co., Ltd.
The source said that the idea of ​​asset injection is still in its infancy, including that Shangchai will issue new shares to SAIC in exchange for a controlling stake in SAIC Iveco Hongyan Commercial Vehicle Co., Ltd. and other assets.
The SAIC spokesman said that the company has not discussed the above plans so far and all important asset restructuring information will be released to the public.
However, the source said that the company’s senior management began to consider all SAIC’s main commercial vehicle assets into Shanghai Shichai Co., Ltd., including Shanghai Huizhong Automobile Manufacturing Co., Ltd. and the Yuejin brand truck business.
The source said that as the acquisition has not been completed, the specific financial plan and timetable have not yet been issued, and any asset transfer will require government approval. He said that "Shangqi Group wants to further streamline its business. Its plan to inject parts and components into the bus shares has been approved. The next step will be to inject the commercial vehicle assets into Shanghai Diesel."
Shanghai Automotive Group Co., Ltd. has recently received relevant approval documents from the China Securities Regulatory Commission and has no objection to the company’s announcement of the acquisition report of Shanghai Diesel Engine Co., Ltd.
View related topics: SAIC commercial vehicle expansion
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