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Fosun sells stake
By Richard Fu |
September 21, 2010, Tuesday
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Print Edition
Print Edition
FOSUN International agreed to sell US$200 million worth of American Depositary Shares, or a 6.65 percent stake, in Focus Media Holding Ltd as part of the latter's share repurchase plan, but remains its largest shareholder.
Shanghai-based Fosun, China's top privately-owned conglomerate, said the 9.52 million ADSs to sell account for about a quarter of its holdings in Focus Media, China's leading digital media group.
Fosun said it made an investment return of US$123 million in this partial sell-down and has no plan to further lower its stake in Focus in the near term. "We are long-term optimistic and supportive of the management team and business model of Focus Media," said Guo Guangchang, chairman of Fosun International.
Shanghai-based Fosun, China's top privately-owned conglomerate, said the 9.52 million ADSs to sell account for about a quarter of its holdings in Focus Media, China's leading digital media group.
Fosun said it made an investment return of US$123 million in this partial sell-down and has no plan to further lower its stake in Focus in the near term. "We are long-term optimistic and supportive of the management team and business model of Focus Media," said Guo Guangchang, chairman of Fosun International.
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