TAIPEI – China Motor Corp. is close to finalizing an agreement to sell a 20% stake in South East Motor Co. Ltd. to Mitsubishi Motors Corp. in a deal expected to be worth nearly $80 million. SEM was set up in 1995 as a 50-50 joint venture between CMC and the Fujian Motor Industrial Group. The venture initially produced commercial vehicles but has expanded its operations to include the assembly of Mitsubishi passenger cars redesigned by CMC. A CMC official says the ability to place the ...
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