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2008-1-4 10:02:00 a.m. HKT, XFNA
HK-listed Sichuan Xinhua Winshare to buy stake in Chengdu City Commercial Bank
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HONG KONG (XFN-ASIA) - Sichuan Xinhua Winshare Chainstore Co Ltd said it
has entered into an agreement to acquire 80 mln new shares of Chengdu City
Commercial Bank for 240 mln yuan.
The shares, which are to be acquired at 3 yuan per share, represent
approximately 2.461 pct of the Sichuan province based lender's enlarged
registered capital.
Sichuan Xinhua noted that China's banking industry has developed rapidly
in the past few years and that the risk of investment in the sector is
relatively low.
Sichuan Xinhua is principally engaged in retail outlets for books and
audio-visual products and distribution of textbooks and supplementary
materials.
(1 usd = 7.3 yuan)
jun.concepcion@xfn.com xfnjcc/xfnrc
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