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SAIC, SVA work out ownership deal

Posted: 18 Jan 2005 ?? ?Print Version ?Bookmark and Share

Keywords:lcd? shanghai automotive? general motors? sva?

Shanghai Automotive Ind. (Group) Corp. (SAIC), the mainland China subsidiary of General Motors Corp., and SVA (Group) Co. Ltd reached an agreement that the former will increase its ownership of the latter from 48 percent to 68 percent.

As the Shanghai government boosts its support for SVA with a $1.1 billion project, SAIC said it poured in fresh investments to restructure and focus its R&D and LCD production. The city's optical electronics industry is expected to gain $4.5 billion in revenues by 2008.

Incidentally, Shanghai SVA-NEC Liquid Crystal Display Co. Ltd expects its investments to reach at least $4.5 billion for LCD production by 2007.

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