China's SAIC to invest $1.1 bln in Ssangyong-papers

Newswire

SEOUL, Oct 29 (Reuters) - Shanghai Automotive Industry Corp (SAIC), which took over South Korea's Ssangyong Motor Co on Thursday, plans to invest 1.2 trillion won ($1.07 billion) in the sports utility vehicle maker, newspapers said on Friday. The reports of the investment plan, which appeared in papers such as the Chosun Ilbo and Korea Economic Daily, did not give a source. SAIC signed a deal on Thursday to buy 48.9 percent of Ssangyong for 10,000 won a share or about $500 million. The ...

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