EVERGRANDE (03333.HK) announced that Evergrande (Nanchang), a wholly-owned subsidiary of the Company, would sell 1.753 billion non-publicly traded domestic shares in SHENGJINGBANK (02066.HK), representing 19.93% of the existing issued share capital of Shengjing Bank. The consideration is RMB5.7 per share, totalling RMB9.993 billion.
The Purchaser is Shenyang Shengjing Finance Investment Group, a subsidiary of the State-owned Assets Supervision and Administration Commission of the Shenyang Municipal People’s Government.
The Company’s liquidity issue has adversely affected Shengjing Bank in a material way. The introduction of the Purchaser, being a state-owned enterprise, will help stabilise the operations of Shengjing Bank and at the same time, help increase and maintain the value of the 14.75% interest in Shengjing Bank retained by the Company.
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Evergrande Sells Almost 20% Shengjing Bank Stake to Shenyang SASAC's Arm for Nearly RMB10B
Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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