China Merchants Holdings International, which is controlled by China's Ministry of Communications, is to buy a 23.9 per cent stake in Singapore-listed China Everbright Pacific (CEP) in order to gain access to the latter's Shenzhen port facilities.
Hong Kong-based China Merchants will pay S$17.4 mill (US$9.7 mill) for the CEP stake. The transaction will involve the purchase of 38.7 mill CEP shares from parent China Everbright Ltd (CEL), a financial company run by the State Council, China's highest law-making body....
Read this item in full
Approx 120 words from WorldCargo News, April 2001,
page 11.
