SAIC OKS GM repurchase of 1% stake in Shanghai GM

SAIC Motor Corp. said its board has approved the sale of a 1% stake in its joint venture with General Motors Co. back to the U.S. car maker for $91.4 million in cash.

In a stock exchange filing Saturday, SAIC said the stake was sold by SAIC Motor Hong Kong Investment Ltd., a wholly owned SAIC unit.

GM currently holds a 46.357% stake in Shanghai GM, the joint venture.

As GM was sliding into bankruptcy in 2009, it sold the 1% stake for $84.5 million, giving SAIC majority control of the joint venture.

SAIC said the deal still needs Chinese regulatory approval.