| MG Rover Group with parent company
Phoenix Venture Holdings (PVH) and Shanghai Automotive Industry Corporation
(SAIC) announce that following the signing of an agreement, they have
now entered into an exclusivity arrangement in order that the companies
can develop a far reaching strategic relationship.
This co-operation will fund the development
of new model programmes and will facilitate the exploitation of the global
car market for the MG and Rover brands. This will, of course, include
the very important Chinese car market.
The signing of the agreement took place today, the 16 June, at SAIC headquarters
in Shanghai. Attending the ceremony was a senior delegation from
both organisations, including Nick Stephenson (vice-chairman of PVH),
Chen Xianglin (chairman of SAIC) and Hu Maoyuan (president of SAIC).
Kevin Howe, group chief executive
of PVH said: "Recently we have had discussions with several companies
in China. We are delighted at the prospect of entering into a relationship
with such a successful and respected partner, which will see a significant
expansion in volumes of current and future products."
Both companies are looking forward
to announcing further details after obtaining the necessary regulatory
approvals.
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