Broker to sell fund JV stake
By Winny Wang |
August 21, 2010, Saturday
|
Print Edition
Print Edition
EVERBRIGHT Securities Co plans to sell a 12 percent stake in its fund management joint venture to raise 330 million yuan (US$48.6 million), the brokerage said yesterday in a document on the Shanghai United Assets and Equity Exchange.
The Shanghai-based brokerage now holds 67 percent of Everbright Pramerica Fund Management Co, and United States financial services provider Pramerica Financial Inc owns the balance, according to the document on the website of the over-the-counter equity bourse.
The sale will cut Everbright Securities' ownership to 55 percent in the fund company, which was set up in 2004 with a registered capital of 160 million yuan to raise funds, sell funds and manage assets.
The buyer must be a listed firm or its subsidiary with registered capital of not less than 2 billion yuan. The net assets of the buyer should be not less than 6 billion yuan by December 31, and it must be profitable for the latest three straight fiscal years.
The buyer must be in securities and asset management for more than 10 years and managed not more than 50 billion yuan of assets by the end of last year, the statement said.
The Shanghai-based brokerage now holds 67 percent of Everbright Pramerica Fund Management Co, and United States financial services provider Pramerica Financial Inc owns the balance, according to the document on the website of the over-the-counter equity bourse.
The sale will cut Everbright Securities' ownership to 55 percent in the fund company, which was set up in 2004 with a registered capital of 160 million yuan to raise funds, sell funds and manage assets.
The buyer must be a listed firm or its subsidiary with registered capital of not less than 2 billion yuan. The net assets of the buyer should be not less than 6 billion yuan by December 31, and it must be profitable for the latest three straight fiscal years.
The buyer must be in securities and asset management for more than 10 years and managed not more than 50 billion yuan of assets by the end of last year, the statement said.
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