China Mobile Acquires $5.8 Billion Stake in Pudong Bank to Dev Mobile Finance (CHL)
Wednesday, March 10, 2010 - 08:10
Written on Wed, 03/10/2010 - 8:10am
By Chip Brian

3/10/2010-China Mobile Ltd. (NYSE:CHL), the world's largest mobile carrier, announced Wednesday that it will pay $5.8 billion for a 20% holding in Shanghai Pudong Development Bank and it will jointly develop mobile finance and e-commerce businesses with the bank, according to a Reuters report.
China Mobile will reportedly subscribe to 2.2 billion Pudong bank share at 18.03 yuan each, which represents a 13% discount to the bank's February 25th closing value, China Mobile said.
China Mobile added that its unit Guangdong Mobile, will pay the total consideration of 39.8 billion yuan (USD $5.83 billion) in cash through internal resources.

Keywords: china mobile stake buy pudong Bank Mobile finance tools finance

Ticker(s): CHL NEWS

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