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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea KDB says to support Ssangyong Motor Reuters - Tuesday, January 6 SEOUL, Jan 5 will help cash-strapped Ssangyong Motor Co <003620.KS> if its top shareholder SAIC Motor Corp <600104.SS> supports the South Korean SUV maker, the state-run bank's head said on Monday. SAIC, which owns a 51 percent stake in Ssangyong, will announce its plan to help return Ssangyong to a healthy position on Thursday, Ssangyong said in a statement. "As a state-run bank we will support Ssangyong in any form," KDB chief executive Min Euoo-sung told reporters. Min did not elaborate, but called for China's SAIC Motor Corp <600104.SS>, Ssangyong's top shareholder, to "serve its role." SAIC had injected $45 million at the end of December last year to Ssangyong, said the maker of Rexton sport utility vehicles . Shares in Ssangyong jumped 14.57 percent to end at 1,140 won, far outperforming a 1.40 percent rise in South Korea's main exchange <.KS11>. Earlier, SAIC said it had provided 25.9 billion won ($19.9 million) to Ssangyong as part of funds the company has allocated to help the SUV maker develop new products. But a Ssangyong spokesman declined to comment if the 25.9 billion won was part of the $45 million allocated earlier. Both SAIC and its South Korean unit have been actively seeking support for the unit from the South Korean government and banks. They are also discussing with union representatives how to cut the South Korean firm's labour costs. (Reporting by Cheon Jong-woo in Seoul, Fang Yan in Shanghai; Editing by ) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Explosion cuts daily oil output by 12,000 barrelsAP - 32 minutes ago Thai stimulus plans to help prevent deflation - PMReuters - 37 minutes ago China sovereign wealth fund says cash is kingReuters - 37 minutes ago DRAM maker Powerchip seeks to cut costs, sell assetsReuters - 38 minutes ago TOPWRAP 3-U.S. and Germany weigh tax moves, markets cheeredReuters - 42 minutes ago Most Popular – Business Viewed US steel industry in collapse, eyes government aid: report Israeli army moves on Gaza City as war toll passes 510 John Travolta's teenage son dies, autopsy planned France leads alarm over Gaza, splits with US Rare Bugatti untouched for 50 years could fetch millions: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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