Brilliance?China Automotive Holdings Ltd, Bayerische Motoren Werke AG's China partner, will sell about US$100 million of stock to investors led by Rocket Capital Investment Group I (BVI) Ltd to expand production.
The sale will help finance increased output of BMW and Brilliance China's own-brand sedans, the Hong Kong-based car maker told the city's stock exchange yesterday. The car maker and Rocket may also form ventures in areas including auto-financing and used-car sales, it added.
Brilliance China sought investment after struggling to turn rising sales of BMW and its own Zhonghua-brand cars into profit amid increasing competition. The car maker posted losses in both 2005 and 2006, said Bloomberg News.
The new stock will represent as much as 15 percent of Brilliance China's enlarged share capital.
(Shanghai Daily March 11, 2008)
