Pang Da, Fuji Heavy set up $93 mln Subaru sales JV in China
BEIJING Jan 18 (Reuters) - Chinese auto dealer Pang Da Automobile Trade Co and Fuji Heavy Industries Ltd have agreed to set up an 8.25 billion yen ($92.3 million) company handling sales of Subaru cars in China, the Chinese auto dealer said on Friday.
Fuji Heavy, which owns Subaru, will hold 60 percent of the sales company, with Pang Da holding 40 percent, Pang Da said in a stock exchange filing.
The agreement, which is still subject to Chinese regulatory approval, will make Pang Da the exclusive distributor for Subaru cars in China, it added.
($1 = 89.4100 Japanese yen) (Reporting by Fang Yan in BEIJING and Kazunori Takada in SHANGHAI; Editing by Richard Pullin)