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FAW Car said to buy assets from parent

By Jin Jing (Shanghai Daily)
Updated: 2007-03-29 11:15

FAW Car Co Ltd, the listed unit of First Automotive Works Group, suspended trading of its shares yesterday after a report said it would buy core assets from its parent as part of FAW Group's back-door listing.

Shenzhen-listed FAW Car is expected to sell additional shares to acquire core assets of FAW Group, probably the group's stake in FAW Volkswagen Automobile Co Ltd, said 21st Century Business Herald, citing company sources.

A spokesman for Changchun,JilinProvince-based FAW Group, the nation's second largest auto maker, was not available for comment yesterday.

Zhu Yanfeng, general manager of FAW Group, said in the middle of this month that the car maker has been weighing various stock listing plans to fund the development of self-branded models as well as boosting production capacity.

"The back-door listing is the most efficient way for FAW Group to raise funds quickly," said an auto analyst surnamed Wang from China International Capital Corp Ltd.

Related readings:  FAW denies claim it plans to buy Chrysler  FAW Jiefang to launch new heavy trucks  FAW pioneers bus joint venture with Daewoo  FAW to sell more than 2 million vehicles a year by 2010

FAW Group has three listed subsidiaries including FAW Car andTianjinFAW Xiali Automobile Co Ltd on the Shenzhen bourse, and FAW Sihuan Auto Co Ltd on theShanghai stock exchange.

"Among the three candidates, FAW Car has the biggest possibility for FAW's controlling stake in addition to its important role in rolling out self-branded models," Wang toldShanghaiDaily yesterday.