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China Mobile Confirms Acquisition Of 20% Stake In Shanghai Pudong Development Bank
March 12, 2010 |
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Comments | Category: Business, Telecom & Wireless
Chinese telecom operator China Mobile has finally published an official announcement, confirming that it will invest CNY39.8 billion to acquire a 20% stake in Shanghai Pudong Development Bank.
China Mobile Guangdong and SPD Bank have signed an agreement, under which China Mobile Guangdong will conditionally acquire the stake for cash consideration of CNY39.8 billion; while SPD Bank will conditionally issue 2,207,511,410 A shares. On the completion of the acquisition, China Mobile will hold a 20% stake in SPD Bank via its wholly-owned subsidiary, China Mobile Guangdong, making the operator the second largest shareholder of the bank.
Shanghai International Group, with its affiliates, is still the largest shareholder, with a 24.32% in SPD Bank.
China Mobile said SPD Bank's assets, debts, and performance will not be combined with that of China Mobile.
China Mobile and SPD Bank also signed a strategic cooperation memorandum, stating that the two parties will implement close cooperation in the jointly development of mobile finance and mobile e-commerce businesses. Their cooperation will include, but not limited to, mobile payment, mobile bank card, and mobile transfer services.
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