China Mobile, SPDB Cooperation Awaits Approval
Beijing Times, 3/31/10
A meeting of Shanghai Pudong Development Bank (SPDB) shareholders has overwhelmingly approved proposals to make a private offering of shares to China Mobile (NYSE: CHL; 0941.HK). The offering must still be approved by the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), and the State-Owned Assets Supervision and Administration Commission. High-level SPDB officials expect that once the CBRC has approved, approvals from the remaining departments will quickly follow.
SPDB chairman Ji Xiaohui said that two companies have already established a joint business cooperation committee, and will strive to sign a comprehensive business cooperation agreement within 3 months of the transaction's completion.
SPDB bank president Fu Jianhua said he hopes that in the future China Mobile will conscientiously carry out its duties as a strategic investor, and cooperate closely with SPDB on its own savings, loans, and capital management operations.
Keywords: M&A Ji Xiaohui Fu Jianhua China Mobile telecom Shanghai Pudong Development Bank China Banking Regulatory Commission CSRC CHL 0941.HK SASAC
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