April 25, 2018 / 12:44 AM / 3 months ago

BAIC Motor plans $422 mln share sale to replenish working capital

HONG KONG, April 25 (Reuters) - BAIC Motor Corporation Ltd said on Wednesday it planned to sell new shares for HK$3.3 billion ($422 million) to replenish funds for working capital.

The automaker said it would sell 420 million shares or 5.2 percent of its enlarged share capital to third party investors. They will be sold at HK$7.89 apiece, or an 8 percent discount to the previous close.

BAIC Automotive Group Co Ltd’s stake in the Hong Kong-listed firm will be reduced to 42.6 percent on completion of the deal from 44.98 percent, while Daimler AG’s holding will fall to 9.55 percent from 10.08 percent. ($1 = 7.8465 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Edwina Gibbs)

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