Arab Today, arab today firm will buy back 1 china stake
Last Updated : GMT 10:32:05
Arab Today, arab today
Arab Today, arab today

Firm will buy back 1% China stake

Arab Today, arab today

Arab Today, arab today Firm will buy back 1% China stake

Detroit - Arabstoday

General Motors Co, the biggest overseas automaker in China, said it intends to exercise an option to buy back a one per cent stake in its main car venture in the country to make it an equally held unit with its partner. \"We have an option to buy that one per cent,\" Chief Executive Officer Dan Akerson told shareholders at the automaker\'s annual meeting. \"It\'s our intention to exercise that.\" New accounting rules GM sold a one per cent stake in Shanghai General Motors Co to partner SAIC Motor Corp in 2010, reducing its holding to 49 per cent. GM received a call option at the time to repurchase the 1 per cent stake. SAIC, China\'s largest domestic carmaker, paid $84.5 million for the shares, which allowed it to include Shanghai GM\'s revenue in its accounts as a majority shareholder under new local accounting standards. The deal was approved by the Chinese government in February 2010. \"Any possible repurchase by GM needs to meet the condition that SAIC can include Shanghai GM\'s revenue into our accounts,\" Zhu Xiangjun, a spokeswoman for SAIC, said by telephone. \"That\'s why we bought the shares in the first place.\" GM can repurchase the stake if SAIC is able to include Shanghai GM revenue in its accounts without relying on the additional 1 per cent stake, the Shanghai-based automaker said in a statement to the city\'s stock exchange on February 23, 2010. Attractive terms \"GM may find it difficult to buy back its stake because it\'s not in the interest of SAIC or the Chinese government to sell,\" said Zhang Xin, an analyst with Guotai Junan Securities Co. in Beijing. \"The Chinese government has been encouraging automakers to be independent and they\'re unlikely to approve GM\'s repurchase unless GM can offer some attractive terms in exchange.\" In China, GM also holds a 44 per cent stake in SAIC-GM-Wuling Automotive Co, which sells the country\'s bestselling vehicle, the Wuling Sunshine minivan. Even as the automaker sells more cars in China than in the US, it earns more profit in the US, where it delivered 2.22 million vehicles in 2010. GM\'s North American operations had profit before interest and taxes of $2.13 billion in the second quarter, while the company\'s international operations, including China, earned $646 million, it said November 10.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today firm will buy back 1 china stake Arab Today, arab today firm will buy back 1 china stake

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 11:19 2017 Sunday ,19 February

Syrian Khallouf Trading Company launches two new cars

GMT 10:37 2017 Thursday ,16 February

Motorsport fans encouraged to buy GP tickets

GMT 13:21 2017 Wednesday ,15 February

200 Teslas to join Dubai Taxi fleet

GMT 21:20 2017 Tuesday ,14 February

Tesla brings electric cars to supercar-loving UAE

GMT 05:55 2017 Monday ,13 February

Careem scheme aims to help refugees

GMT 05:51 2017 Monday ,13 February

Al Fahim Group unit revelas strong growth
View News in Arabic - Auto: أخبار السيارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday