As one of nineteen companies to release a
share reform plan on Monday, Jiangling Motors announced that it will pay out
cash to shareholders, the Information
Times reports. Holders of circulating A shares will receive 12.1 yuan for
every ten shares, for a total of 142 million yuan (US$17.5 million). This
payout will be split 127 million from holders of non-circulating shares and 15
million from Jiangling itself. Calculating from Jiangling's closing price of 5.36
yuan per share on 2 December, this is equivalent to 2.257 shares for every ten
currently held. Part of the twelfth group of companies undergoing state share
reform, Jiangling is thus far the first to offer cash only.
Jiangling Motors: 000550.SZ
Link: http://www.jxnews.com.cn/xxrb/system/2005/12/06/002172257.shtml