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NEWBRIDGE SET TO TAKE US$145 MLN STAKE IN CHINA'S SHENZHEN BANK.
SYDNEY, June 1 Asia Pulse - Newbridge Capital Ltd. is set to become the first foreign investor to win control of a Chinese lender, after agreeing to buy a 1.2 billion yuan (US$145 million) stake in Shenzhen Development Bank Co., the smallest of China's five publicly traded lenders.
Newbridge is buying 348.1 million non-tradable shares or 18 per cent of the bank from four government shareholders, making it the biggest single shareholder in the Shenzhen-based lender after the purchase.
The agreement was signed on May 29, the Chinese lender said in a statement to the Shenzhen stock exchange.
The United States-based investment fund will be entitled to appoint a chairman and have two seats on the board, the Shenzhen bank said.
The selection of ...
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Source: HighBeam Research, NEWBRIDGE SET TO TAKE US$145 MLN STAKE IN CHINA'S SHENZHEN BANK.