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IBM buys Changhong Electric stake for 108m yuan

By Tuo Yannan (chinadaily.com.cn)
Updated: 2009-01-19 14:21

IBM China has bought a 1.56 percent stake in Changhong Electric Co Ltd for about 108 million yuan ($15.79 million).

The deal makes IBM China the second largest shareholder in Changhong, one of the country's largest TV manufacturers. Changhong Group, Changhong Electric's largest shareholder, transferred 29.67 million shares to IBM China at 3.64 yuan per share on Jan 16, the TV maker said in a statement to the Shanghai Stock Exchange on Jan 17.

Following the share sale, Changhong Group holds a 29.08 percent stake in the Shanghai-listed company.

The transaction is aimed at optimizing the listed company's stock structure and attracting strategic investors and will not change Changhong Group's position as the controlling shareholder, the statement said.