Get the free version of Marbridge Daily delivered to your inbox

Click here to subscribe

Update: China Mobile to Buy Shares in Shanghai Pudong Bank

Securities Times, 3/03/10

China Mobile's (NYSE: CHL; 0941.HK) plans to purchase a stake in the Shanghai Pudong Development Bank (SPD) have been confirmed. Rather than the China Mobile Group, the operator's Guangdong subsidiary will invest in SPD. After the investment, China Mobile will not participate in SPD management or operations, but rather act as a purely financial investor.

Editor's Note: Later today, China Mobile released an announcement stating that it has entered into discussion with SPD regarding the potential purchase of SPD shares and details of strategic cooperation by China Mobile or its subsidiary. The announcement stated that China Mobile is yet unable to confirm the details of a possible stock purchase and other cooperation with SPD, therefore whether or not the transaction goes through is yet uncertain.

On February 25, the Shanghai Pudong Development Bank (SPD) announced in a filing that it would suspend trading of its stock starting on February 26. For more background on this topic, please see "Rumor: China Mobile to Buy 20% of Shanghai Pudong Bank" MD 2/26/10 issue.

Keywords: China Mobile investment wireless Shanghai Pudong Development Bank CHL 0941.HK

Feedback

Please note, all fields are required.
None of your personal information will be shared with third parties.

SendingSending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily Premium

Interested in gaining full access to all newsletter articles and the Marbridge Daily archive? To learn more about premium subscription options, including pricing, please:

Click here

Marbridge Consulting RSS Feed

Marbridge Reports