By Benny Kung
HONG KONG (Feb 12) -- Beijing-headquartered carmaker BAIC Motor said its board agreed on Friday to transfer certain assets of its Beijing branch to subsidiary Beijing Benz Automotive.
Details of the asset transfer are still under negotiation and the parties have not yet reached a definitive agreement, BAIC Motor said in a statement to the Hong Kong stock exchange on Monday.
Shares of BAIC Motor gained 0.6% as of 10:36 a.m. while the city's benchmark Hang Seng Index added 0.3%.
Daimler, which makes the Mercedes-Benz brand of premium vehicles, controls 49% of Beijing Benz.
- By Benny Kung; firstname.lastname@example.org; +852 3960 5150
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