SAIC group plans to inject parts assets into Bashi

SHANGHAI, June 16 (Reuters) - SAIC group, China's biggest auto conglomerate, is proceeding with a plan to inject its auto parts assets into Shanghai Bashi Industrial (Group) Co (600741.SS), the bus service provider said on Monday.

Shanghai Bashi said earlier this month it would divest its public transport assets and become a stock market listing vehicle for the parent of SAIC Motor Corp (600104.SS).

SAIC group is now drafting a plan to inject its parts assets into Shanghai Bashi, it said in a statement on Monday.

In late 2006, SAIC group injected major car making assets into SAIC Motor Corp through a $2.4 billion deal, including its stakes in ventures with General Motors (GM.N) and Volkswagen AG (VOWG.DE).

Shanghai Bashi's A-shares, traded in Shanghai jumped its daily limit to 8.5 yuan when it last traded on May 15. ($1=6.901 Yuan) (Reporting by Fang Yan, Editing by Jacqueline Wong)