By Reuters – Global Times Source:Agencies Published: 2013-4-17 23:13:01
Ford Motor Co has raised its stake in Jiangling Motors Corp to 31.5 percent and is looking to increase it to as much as 32 percent over the next year, both companies said Wednesday.
Ford has bought over 13 million of Jiangling's Hong Kong dollar-denominated B-shares so far this year, accounting for roughly 1.5 percent of the Chinese automaker's outstanding shares, Jiangling said in a stock exchange filing, noting it was a sign of confidence from Ford.
Ford said it may raise its stake to 32 percent, the limit currently allowed by the securities regulator. After the latest purchase Ford's stake is worth about $705 million.
"We will continue to evaluate the market for JMC equity and may purchase the remaining portion of the 2 percentage points between now and January 20, 2014," it said in a brief statement.