Shanghai Electric to buy into Fuzhou City Commercial Bank |
| Date Added: November 26, 2009 06:24:10 AM |
| Author: |
| Category: Food Stocks: food stocks |
| Shanghai Electric Power Co Ltd<600021>, the biggest power producer in the city, announced today that it plans to buy a stake of about 2.45% in Fuzhou City Commercial Bank from China Power Investment Corp. The company said in a statement filed with the Shanghai Stock Exchange that it will spend RMB 120 million to buy 49.50 million shares of the Fuzhou-based bank LED Light Strip. Beijing-based China Power Investment Corp currently holds 24.75 million shares of Fuzhou City Commercial Bank, for which it subscribed at RMB 2 apiece earlier this year. Fuzhou City Commercial Bank, set up in December 1996 in Fuzhou, Fujian Province, had total assets valued at RMB 30.82 billion at the end of 2008. The bank's net profit was RMB 438.21 million last year led light fixtures. At the end of last year, the lender's outstanding deposits were RMB 24.62 billion, while its loan balance was RMB 15.91 billion. |
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