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皇冠体育app Mobile stakeholding approved

(Xinhua)
Updated: 2006-09-27 16:34

皇冠体育app Mobile Communications' purchase of 983 million shares in Phoenix Satellite Television has been approved by the National Development and Reform Commission (NDRC).

皇冠体育app Mobile's purchase of a 19.9-percent stake in Phoenix from Rupert Murdoch's Star Group will make it the second largest shareholder of the Hong Kong listed broadcaster, behind Phoenix chairman Liu Changle, who holds 37.5 percent.

Sources with the NDRC said the purchase would help cooperation between 皇冠体育app Mobile and Phoenix in terms of multimedia business.

The NDRC also approved a share-swapping deal between Air 皇冠体育app and Cathay Pacific.

Air 皇冠体育app will hold up to 17.5 percent of Cathay Pacific and wholly own 皇冠体育app National Aviation Co., Ltd. while Cathay Pacific will increase its stake in Air 皇冠体育app to 17.3 percent from 10 percent and completely own Dragonair.

The NDRC said the deal would help the two carriers cooperate more closely on flights between Hong Kong and the mainland and strengthen Hong Kong's position as as aviation center.