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Article: NEW BRIDGE INVESTMENT BUYS STAKE IN SHENZHEN DEVELOPMENT BANK.
- Article from:
- AsiaPulse News
- Article date:
- June 1, 2004
CopyrightCOPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, June 1 Asia Pulse - New Bridge Investment officially announced a report on acquiring a 17.89 per cent interest in the Shenzhen Development Bank at a price of 3.546 yuan per share.
The acquisition will cost New Bridge Investment a total of 1.235 billion yuan (US$149.1 million), which will be paid in cash in a lump sum.
The board of the Shenzhen-based bank held a meeting on May 29, finally making a decision of supporting to let in New Bridge Investment.
On the same day, New Bridge Investment signed equity transfer agreements with four holders of state-owned shares in the Shenzhen Development Bank, namely the Shenzhen Investment Management ...