China's TCL wins MoC approval for stake sale to Philips, Alliance Fortune
TCL Corp (SZA 000100) said that Ministry of Commerce has give approval to its largest shareholder, Huizhou Investment Holdings, to sell stakes to Philips Electronics China BV and Alliance Fortune International Ltd.
?BEIJING (AFX) - TCL Corp (SZA 000100) said that Ministry of Commerce has give approval to its largest shareholder, Huizhou Investment Holdings, to sell stakes to Philips Electronics China BV and Alliance Fortune International Ltd.
In December, Philips Electronics China agreed to buy an additional five pct of TCL Corp for 204.53 mln yuan, boosting Philip's overall stake in TCL to 7.46 pct.
In the same month, Alliance Fortune agreed to buy a five pct stake in TCL.
The proposed stake purchases received approval from the State-owned Assets Supervision and Administration Commission late last month.
In December, Philips Electronics China agreed to buy an additional five pct of TCL Corp for 204.53 mln yuan, boosting Philip's overall stake in TCL to 7.46 pct.
In the same month, Alliance Fortune agreed to buy a five pct stake in TCL.
The proposed stake purchases received approval from the State-owned Assets Supervision and Administration Commission late last month.
