Ssangyong shareholder completes stock transfer

Ssangyong Motor Co. said yesterday that its biggest shareholder, SAIC Motor Co. of China, completed a 51.3 percent stock transfer to its affiliate, Shanghai Automotive Co., as part of the mother group’s recent restructuring.
Through the transaction, Shanghai Automotive Industry Group aims to enable its subsidiary, Shanghai Automotive, to focus on its core vehicle businesses, said Ssangyong in a statement.
Both SAIC Motor and Shanghai Automotive belong to Shanghai Automotive Industry Group, China’s largest auto-making group.
Director of the board of Ssangyong, Philip Murtaugh, said, “We plan to enlarge our product portfolio and based on that expand our foothold in the global market.”
Following the restructuring that started in October 2005, Shanghai Automotive will own all the automotive assets that formerly belonged to SAIC Motor ― including joint ventures such as Shanghai General Motors, Shanghai Volkswagen, Ssangyong and other major parts producers.
Last year a 48.9 percent stake in Ssangyong was transferred and the remaining 2.4 percent was delivered yesterday.

By Seo Ji-eun Staff Writer [spring@joongang.co.kr]