|End-of-day quote - 08/06|
SAIC Motor Plans Share Buyback for Equity-Incentive Plan
|07/03/2020 | 05:26am|
By Martin Mou
SAIC Motor Corp. is planning to buy back shares at a considerable premium for an equity-incentive plan, the Chinese car maker said Friday.
SAIC, the largest car maker in China by sales, said it plans to repurchase 58.4 million to 116.8 million shares at a maximum price of 25.97 yuan each.
The price represents a 150% premium to its average share price over the last 30 sessions, the company said.
SAIC, a joint-venture partner for Volkswagen AG and General Motors Co. in China, said it plans to spend its own capital of no more than 3.03 billion yuan ($428.8 million) on the buyback plan.
The company may execute the plan within the next six months, it said.
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