BYD completes 9.89% stake sale to MidAmerican Energy

Hong Kong-listed BYD Co. said China’s securities regulator had approved its 9.89% stake sale to MidAmerican Energy Holdings Co., a unit of Warren Buffett’s Berkshire Hathaway Inc. The Chinese battery and automaker said MidAmerican Energy Chairman David Sokol was appointed as a non-executive director of the company after the China Securities Regulatory Commission approved the US$230 million share sale. Established in 1995, BYD started off as a manufacturer of rechargeable lithium-ion and nickel batteries. It has since diversified into producing cell phone parts and alternative-fuel cars. (July 30, 2009)