Tuesday, March 27, 2007
Nanjing may sell 50% stake in MG unit
NANJING AUTOMOBILE may sell up to 50% of its stake in Nanjing MG Motor, the unit responsible for producing MG cars in both China and Longbridge in the UK.
The company confirmed it is looking for up to £200m to fund increased production.
"We have been in talks with several potential partners, including funds, in North America and Europe and could sell as much as 50 percent, general manager, Zhang Xin," said.
Last week, the Chinese car-maker said it was looking for financial support from the Beijing government.
DATED: 27.03.07
FEED: AW
The company confirmed it is looking for up to £200m to fund increased production.
"We have been in talks with several potential partners, including funds, in North America and Europe and could sell as much as 50 percent, general manager, Zhang Xin," said.
Last week, the Chinese car-maker said it was looking for financial support from the Beijing government.
DATED: 27.03.07
FEED: AW
