China Minsheng to buy Shaanxi Trust stake for US$311m
Updated: 2007-09-25 09:38
China Minsheng Banking Corp, partly owned by Singapore's Temasek, said on Tuesday it plans to pay 2.34 billion yuan (US$311.2 million) for a stake in Shaanxi International Trust & Investment Corp.
In a filing with the Shanghai stock exchange, Minsheng said it planned to buy 143 million new domestic A shares to be issued by Shaanxi International at 16.38 yuan apiece. Shaanxi International is listed on south China's Shenzhen stock exchange.
Minsheng would become one of the largest shareholders in the trust firm after the purchase, the statement said.
Minsheng's stake in the trust firm would be the same as that held by the existing top shareholder, a state-owned highway construction firm, after the latter reduces its stake in Shaanxi International, the statement said.
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