Cars

Geely drops plan of UK cab firm buy

(Xinhua)
Updated: 2010-08-14 11:50

HONG KONG - Hong Kong-listed Geely Automobile of China said Friday it had decided not to proceed with the proposed subscription for 20 million new ordinary shares of UK cab firm Manganese Bronze Holdings (MBH).

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In a statement filed to the Hong Kong stock exchange, the country's biggest private-run carmaker said the board of directors had made the decision in reference to the announcement on May 18 this year, in which it said it had received a written notification from MBH for the invitation of the subscription.

With it, Geely's stake in MBH still remained at 19.97 percent. If the subscription had been materialized, Geely's interest in MBH would have increased to 51.68 percent.

MBH manufactures the London black cab which is regarded as one of the capital city's icons.