Japan car firm buys Chinese stake
By Li Dapeng (China Daily)
Updated: 2006-04-13 14:25
Japanese automobile giant Mitsubishi Motors Corporation has formally become a
direct shareholder of South East (Fujian) Motor Co Ltd (SEM) with a 20 per cent
stake.
A deal was signed yesterday between Mitsubishi and SEM's two
original shareholders, Fujian Motor Group (FJMG) and Taiwan-based China Motor
Corporation (CMC).
The agreement says FJMG still controls 50 per cent of
SEM with CMC's share being decreased from 50 per cent to 30 per cent.
Mitsubishi's 20 per cent share will grow to 25 per cent next year. Meanwhile, as
Mitsubishi also owns a small share of CMC, (currently 14 per cent), the Japanese
firm will actually have a 29.5 per cent share of SEM by next year, said
Mitsubishi's general manager Osamu Masuko.
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