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Everbright to sell stake in Pramerica fund JV
By Winny Wang |
August 20, 2010, Friday
|
Online Edition
Online Edition
EVERBRIGHT Securities Co plans to sell a 12 percent stake in its fund management joint venture to raise 330 million yuan, the brokerage said in a document on the Shanghai United Assets and Equity Exchange yesterday.
The Shanghai-based brokerage now holds a 67 percent stake in Everbright Pramerica Fund Management Co and US financial services provider Pramerica Financial Inc takes the balance, according to the document on the Website of the over-the-counter equity bourse.
The sale will decrease 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 deal in fundraising, fund sales and asset management.
Everbright Pramerica had assets worth 612 million yuan as of July 31, with 299 million yuan in revenue in the first seven months of this year and net income of 125 million yuan, according to the statement.
Pramerica is a brand name used by Prudential Financial Inc in some countries outside of the United States.
The Shanghai-based brokerage now holds a 67 percent stake in Everbright Pramerica Fund Management Co and US financial services provider Pramerica Financial Inc takes the balance, according to the document on the Website of the over-the-counter equity bourse.
The sale will decrease 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 deal in fundraising, fund sales and asset management.
Everbright Pramerica had assets worth 612 million yuan as of July 31, with 299 million yuan in revenue in the first seven months of this year and net income of 125 million yuan, according to the statement.
Pramerica is a brand name used by Prudential Financial Inc in some countries outside of the United States.
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