Rumor: China Mobile to Buy 20% of Shanghai Pudong Bank
Caijing, 2/26/10
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. SPD reportedly plans to bring China Mobile (NYSE: CHL; 0941.HK) on board as a strategic investor through a private offering of as much as RMB 40 bln in shares.
According to an industry insider, SPD will sell approximately 2.2 bln shares to China Mobile, giving the operator a 20% stake in the bank.
Keywords: China Mobile telecom Shanghai Pudong Development Bank CHL strategic investor 0941.HK
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