China Changan Auto says B shares buyback approved

Published: 03 Mar 2009 18:20:15 PST

SHANGHAI, March 4 - Chongqing Changan Auto Co <000625.SZ><200625.SZ>, a Chinese partner of Ford Motor <F.N>, said on Wednesday that its shareholders have approved the plan to buy back its own Hong Kong dollar-dominated B shares worth up to HK$909 million ($117 million).

The buyback will be conducted over the 12 months at a maximum price of HK$3.68 per share, purchasing up to 423 million B shares, the company said in a statement to the Shenzhen Stock Exchange.

The company's B shares closed at HK$2.82, a discount of 62 percent to the A shares, on Tuesday. ($1 = HK$7.76)