Dallas, Texas 08/02/2013 (Financialstrend) – Canada’s government is planning to sell its stake in General Motors Co. (NYSE:GM) for investment banks, till now the time of sales is not decided by Canada. It was reported the Canada’s government is in search of investment banks and had asked them to make throw in the arriving share-sale mandate. In December Jim Flaherty Finance minister of Canada commented “We don’t plan to be a long-term shareholder in General Motors Co. (NYSE:GM)”. According to data of Bloomberg the federal and Ontario governments jointly have 140 million common shares or 10 % shares worth of $5.1 billion at the current share price of the company
General Motors recently announced that it plans to recruit additional engineers for its plant in Germany where already 6000 employees working, GM will hire 300 additional employees in the development center as per the plan, the company also planning to hire 50 additional engineers for its plant in Turin, Italy. General Motors also increased its cleaning facilities, it added two more outlets Cheonga proving ground in Korea and the Rayong engine plant in Thailand, this comes to total of 100 where 45 is in North America, 22 in Europe and 33 facilities in Asia, this proves that GM will achieve making 125 facilities by 2020.
General Motors Co. (NYSE:GM) closed at $36.47 per share on Thursday to make a gain of 1.67% over the previous close. The stock moved between $36.01 and $36.86 per share during the day. There are 1.37 billion shares outstanding with institutional holding of 49%. The 52 week low is at $18.93 per share and 52 week high is at $37.71 per share. With $1.37 billion market capitalization there were 16.15 million shares of trading in the company’s stock on Thursday and the average volume is at 12.81 million shares per day.