Stake sale fails

2008-7-1 | NEWSPAPER EDITION

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CHINA Minsheng Banking Corp failed to sell its 3.26 percent stake in Haitong Securities Co at an auction for a second time, even after lowering the asking price by almost half as demand fell.

Potential investors didn't pay the margin deposit for the stake after indicating interest earlier, according to Beijing Equity Exchange yesterday.

Minsheng eyes funds via auction

CHINA Minsheng Banking Corp intends to raise at least 3.14 billion yuan (US$455 million) by auctioning its holding in Haitong Securities after almost halving the previous asking price. Beijing-based Minsheng will...

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