June 10, 2009 / 7:17 AM / 9 years ago

China's Lumena says chairman may join Hummer deal

SHANGHAI, June 10 (Reuters) - Chinese chemicals maker Lumena Resources Corp said on Wednesday its chairman may participate in a proposed bid for General Motors’ GMGMQ.PK Hummer brand, although the company itself would not be involved.

GM announced last week that Sichuan Tengzhong Heavy Industrial Machinery, a little-known machine maker based in southwest China, had signed an initial agreement to buy Hummer. [ID:nN02495245]

Lumena Resources, responding to media reports that Suo Lang Duo Ji, its chairman and controlling shareholder, may have an interest in Tengzhong’s proposed purchase of Hummer, said any participation by its chairman would be unrelated to the company’s business.

“As confirmed by Mr Suolang, he would or might participate in the proposed Hummer acquisition in his personal capacity alongside Sichuan Tengzhong as a member of a consortium,” the company said in a statement.

It added that Suolang no longer held any legal or beneficial interest in Tengzhong, although until May 2005 he held shares in a company that at the time had an equity interest in Tengzhong.

Lumena Resources began marketing a Hong Kong IPO earlier this week to raise up to $190 million, sources familiar with the matter told Reuters. [ID:nHKG418091]. (Reporting by Fang Yan and Edmund Klamann) (For summit blog: blogs.reuters.com/summits/)

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