Intesa Sanpaolo to raise Qingdao bank's stake to 20pc
Intesa Sanpaolo, Italy's second-largest bank, confirmed that it had agreed to buy a 19.99 per cent stake in Qingdao City Commercial Bank for US$135 million.
The Italian lender will pay 34 US cents for each new share or 2.2 times the mainland bank's book value, bringing its stake up to the 20 per cent limit for foreign investors,
Founded in Shandong province in 1996, Qingdao Bank, in which appliance maker Haier is the largest shareholder, had total assets of US$3 billion and shareholder equity of US$157 million at the end of last year. It reported net income of US$3.8 million last year. Carol Chan
Over 20 developers eye prime Shanghai commercial site
More than 20 developers, including Sun Hung Kai Properties, New World China, Hutchison and Hongkong Land have shown interest in a prime office-commercial site in central Shanghai.
They attended a briefing organised by Shanghai's municipal government on Wednesday. Also present were representatives from foreign developers, including the Rockefeller Group, Tishman Speyer Properties, Macquarie Bank, Singapore Guoco Group, Yanlord Land and Singapore GIC.
Bidding for the 13,709-square metre site on Eastern Nanjing Road in Huangpu will start at 1.72 billion yuan. Yvonne Liu
Peace Mark posts 49pc rise in annual net profit
Watch manufacturer and distributor Peace Mark (Holdings) said its net profit jumped 49 per cent to HK$300 million in the year ended March 31. Earnings per share were 30.3 HK cents and a final dividend of 6.2 HK cents was declared.
Chief financial officer Kevin Tsang said capital expenditure for the current year could reach as much as HK$300 million, with HK$150 million allocated for acquisitions. Jasmine Wang
Dubai acquires stake in Hans Energy for HK$407m
Hans Energy said its controlling shareholder David An had agreed to sell a 9.91 per cent stake of the company to a private equity fund controlled by the government of Dubai for HK$407 million.
Mr An will sell 370 million shares at HK$1.10 each to a unit of Istithmar PJSC, an investment arm of Dubai World. Istithmar has invested in more than 30 companies, deploying US$2 billion in equity capital since it was set up three years ago.
After the disposal, Mr An's stake in Hans will be reduced to 68.15 per cent from 74.1 per cent. Carol Chan
Industrial Bank sees 90pc growth in interim earnings
Industrial Bank, a Shanghai-listed lender in which Hang Seng Bank has a 13 per cent stake, said first-half profit may jump more than 90 per cent. In the same period last year, the Fujian-based bank recorded a net profit of 1.746 billion yuan or 0.44 yuan per share. Carol Chan