Geely drops MBH buy
- Source: Global Times
- [00:54 August 16 2010]
Hong Kong-listed Geely Automobile of China said Friday it had decided not to proceed with the proposed subscription for 20 million new ordinary shares of UK cab firm Manganese Bronze Holdings (MBH).
Geely's stake in MBH still remained at 19.97 percent. If the subscription had gone through, Geely's interest would have risen to 51.68 percent.
The country's biggest private-run carmaker said they had received a written invitation from MBH for the subscription.