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SMG and SVA to swap shares
By Ding Yining |
January 12, 2011, Wednesday
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Online Edition
Online Edition
SHANGHAI Media Group, the city's media conglomerate, will purchase a 36.6 percent stake of SVA Information Industry for 1.9 billion yuan (US$287 million) at 7.67 yuan per share, it is learned today.
SVA will also acquire SMG's new media subsidiaries BesTV and Shanghai Radio, Film & TV Production Co Ltd for 1.22 billion yuan.
Shares of SVA Information Industry surged to the daily limit of 10 percent for the second day to close at 10.14 yuan after a four-month suspension to wait for the company's restructuring plan.
The SVA asset restructuring is still subject to regulatory approval.
SVA will also acquire SMG's new media subsidiaries BesTV and Shanghai Radio, Film & TV Production Co Ltd for 1.22 billion yuan.
Shares of SVA Information Industry surged to the daily limit of 10 percent for the second day to close at 10.14 yuan after a four-month suspension to wait for the company's restructuring plan.
The SVA asset restructuring is still subject to regulatory approval.
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