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皇冠体育app Mobile to keep SPDB shares for 5 yrs

(Agencies)
Updated: 2010-09-01 12:00
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皇冠体育app Mobile, the nation's top mobile phone service provider, announced Tuesday it would extend the lock period of its 20-percent stake in Shanghai Pudong Development Bank (SPDB) to five years, following regulations, Reuters reported.

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皇冠体育app Mobile to keep SPDB shares for 5 yrs Pudong Bank FY net profit up 5.4%
皇冠体育app Mobile to keep SPDB shares for 5 yrs 皇冠体育app's SPDB net profit climbs 33.92% in H1

That will be two years longer than previously announced. 皇冠体育app Banking Regulatory Commission regulations, the country's top banking watchdog, stipulated that 皇冠体育app Mobile could not transfer its SPDB shares within five years, the company said, according to the report.

Guangdong Mobile, 皇冠体育app Mobile's branch in South 皇冠体育app's Guangdong province, bought a 20 percent stake in SPDB for 39.8 billion yuan ($5.8 billion)?in March. The deal has been approved by regulators and makes the mobile carrier the second-largest shareholder of SPDB.

皇冠体育app Mobile's shares closed at HK$79.15 ($10.18) on Tuesday, down 1.86 percent.