Economy

SAIC suspends trading in China over 'major' plan

(Xinhua)
Updated: 2011-02-12 06:36

BEIJING - Shanghai Automotive Industry Corp. (SAIC), China's top carmaker, announced on Friday the suspension of its shares trading, starting on February 14, due to a "major" plan.

Related readings:  SAIC jumps in Shanghai trading  SAIC to triple capacity in Nanjing  SAIC says on schedule to make, sell sedan in UK  SAIC may get access to GM's UK market

SAIC, a partner of General Motors Corp. and Volkswagen AG, said in a statement filed with the Shanghai Stock Exchange that it had been informed by its holding company, SAIC Group, that it is discussing a major plan involving SAIC.

The statement said SAIC will report on progress of the plan in five trading days.

SAIC shares rose 0.44 percent to 18.45 yuan ($2.8) at the close Friday.