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Tencent Holdings to invest $193 mln in China South City Holdings
January 15, 2014 / 10:27 AM / 4 years ago

Tencent Holdings to invest $193 mln in China South City Holdings

BEIJING, Jan 15 (Reuters) - China’s Tencent Holdings Ltd said on Wednesday it will invest HK$1.5 billion ($193.45 million) in logistics and warehouse firm China South City Holdings Ltd to develop its e-commerce and logistics business.

Tencent agreed to purchase 680.3 million new shares in China South City, representing approximately 9.9 percent of the enlarged share capital, which would make it a strategic investor.

China South City also agreed to grant Tencent the option to further subscribe to new shares within a two year period to raise its stake to about 13 percent. ($1 = 7.7541 Hong Kong dollars) (Reporting by Paul Carsten; Editing by Miral Fahmy)

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