UPDATE 1-SAIC to raise $1.5 bln to fund own-brand vehicles

Newswire

* To raise up to $1.5 bln in share placement * Proceeds to shore up own-brand cars, commercial vehicles * Placement seen as easier fundraising tool amid market slump (Adds analysts comment, details, background) By Fang Yan and Jacqueline Wong SHANGHAI, June 24 (Reuters) - SAIC Motor Corp , China's top automaker, said on Thursday it will raise up to 10 billion yuan ($1.5 billion) through a share placement largely to shore up its own-brand cars and commercial vehicles to help secure ...

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