Scoop for television maker - ResearchInChina
Date:2007-07-19
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MAJOR Chinese television maker Sichuan Changhong Electric Co (stock code: 600839) and its parent company have received government approval to buy a 20 percent stake in refrigerator and air-conditioner maker Hefei Meiling Co.
Changhong and its parent - Sichuan Changhong Electrical Group Co - will pay 173.99 million yuan (US$23 million) for 82.85 million shares of Meiling, representing 20.03 percent of its total shares outstanding, the Anhui Hefei home appliance maker said yesterday in a statement posted to the Shenzhen Stock Exchange. Changhong Group will become Meiling's single biggest investor, the statement said.
The Sichuan Province-based TV maker and its parent will buy the shares from Guangdong Greencool Enterprise Development Co. Greencool initially agreed to sell Changhong its stake in Meiling in November 2005 for as much as 145 million yuan after former Greencool chairman Gu Chujun was arrested on charges of economic wrongdoings.
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