Stocks News
- Haier asset transfer with parent approved
Date: 16-Apr-2007 Sources: (Xinhua Online)
THE Shanghai-listed unit of Haier Group, China's top home appliance maker, said Friday it had received official approval to place shares worth nearly US$100 million with its parent in exchange for stakes in other Haier Group firms.
Qingdao Haier Refrigerator Co. plans to sell 142 million shares at 4.97 yuan (US$0.64) each to its parent and take over controlling stakes of four other units owned by the parent to avoid competition within the group, the listed firm said. After the placement, Haier Group's stake in the listed unit will increase to 43.54 percent from 36.84 percent, Haier Refrigerator said.
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