Taiwan's Masterlink agrees to form $165 mln brokerage JV in China
TAIPEI Dec 19 (Reuters) - Taiwanese brokerage Masterlink Securities said it has signed an agreement to form a 1 billion yuan ($165 million) joint venture with Tianjin T&B Holding Co in China, the first such tie-up across the Taiwan Straits.
The mid-sized Taiwanese firm will take a 49 percent stake in the venture, while its Chinese counterpart has a 48 percent stake, Masterlink said in a filing to the Taiwan stock exchange late on Wednesday. Other, unidentified Chinese investors will hold the remaining 3 percent.
The tie-up is subject to approvals from regulators on both sides. Financial ties between Taiwan and China have grown since the two sides signed a yuan clearing agreement early this year. ($1 = 6.0718 Chinese yuan) (Reporting by Faith Hung; Editing by Kenneth Maxwell)
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