Denway Motors gets nod for privatisation

Fri Jul 16, 2010 11:55am EDT

* Shareholders approve Denway's proposed privatisation

* Denway shares to resume trade on Monday (Recasts, adds details)

HONG KONG, July 16 (Reuters) - Denway Motors Ltd 0203.HK, a carmaking partner of Japan's Honda Motor (7267.T), has obtained shareholders' approval to take it private, the company and its parent said in a joint statement on Friday.

Denway's shares will resume trade on Monday, July 19, after a trading suspension on Friday pending the latest announcement, according to the statement.

With the approval, Denway shares will be withdrawn on Aug. 25 to pave the way for the listing of its parent Guangzhou Automobile Group Co Ltd.

In June, Guangzhou Automobile Group, China's sixth-largest carmaker, said it had applied to list 2.21 billion shares in Hong Kong and aimed to begin trade on Aug 30. [ID:nTOE65H02C] (Reporting by Jimmy Tsim and Lee Chyen Yee, editing by Will Waterman)

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