Wine maker eyes Evergrowing slice
By Ding Qingfen | China Daily | Updated: 2010-01-09 07:45
Wine maker Yantai Changyu Pioneer Wine Co Ltd, on Friday said it was spreading its wings to the financial sector by acquiring a 5 percent stake in Shandong Evergrowing Bank for 1.02 billion yuan.
Changyu will buy 340 million new shares issued by Evergrowing Bank, at a price of 3 yuan per share, the Shenzhen-listed company said.
The bank's board of directors are expected to take a decision on the deal within a month. If the deal is finalized, Changyu will end up with a 5 percent stake in Evergrowing Bank.
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