Approval of Daimler Increasing Shares in BJC
www.chinatrucks.com: On August 9, 2013, reports say the agreement of Daimler holding 12% in BjC is approved by NDRC and will be open to public in one month, which clears away the barrier of BAIC’s listing. BAIC’s listing plan comes to the final stage.
“According to the agreement, only after finishing adjustment of the cross-shareholding with Daimler-Benz, can BAIC apply for going public”, said by Han Yonggui, vice general manager of BAIC and president of BJC.
According to previous plans, BAIC and Daimler-Benz make a deal on cross-shareholding agreement that Daimler-Benz purchases 12% of shares of BJC, which means BAIC share in Beijing Benz Automotive Co. Ltd increases to 51% and Daimler-Benz share in Beijing Mercedes-Benz Sales Company increases to 51%.
BAIC owns Beijing Hyundai and passenger vehicle business of BJC. With the joining of Daimler-Benz, the capital flow will be improved.
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