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China Merchants China seeks nod to sell bank stake

Thu Dec 13, 2007 9:01pm EST

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HONG KONG, Dec 14 (Reuters) - China Merchants China Direct Investments Ltd (0133.HK) said it will seek shareholders' approval to sell its 1.68 percent stake in Industrial Bank Co Ltd (601166.SS) worth 4.2 billion yuan ($570.2 million).

The company is expected to net a huge profit from the investment, with an original cost of 146 million yuan, as the shares have risen sharply and traded at 49.7 yuan each in Shanghai at 0152 GMT.

China Merchants proposed to seek a disposal mandate to allow it to sell 84 million Industrial Bank A shares in the open market in the Shanghai stock exchange's trading system, it said late on Thursday.

For details please click here ($1=7.365 Yuan) (Reporting by Alison Leung; editing by Anne Marie Roantree)



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