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Haitong Securities to Buy 52.86% of Taifook Securities

Posted on: Mon, 23 Nov 2009 06:39:00 EST

Symbols: NWSZF

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SHANGHAI, Nov 23, 2009 (SinoCast Daily Business Beat via COMTEX) --
NWSZF | Quote | Chart | News | PowerRating -- Haitong Securities Co., Ltd. (SHSE: 600837) has entered into an agreement to buy a 52.86% stake in its Hong Kong-based peer Taifook Securities Group Limited (HKSE: 0665) from NWS Holdings Limited (SEHK: 0659), announced the Shanghai-listed securities firm on November 23.

Haitong Securities, through its 100%-owned unit Hai Tong (HK) Financial Holdings Limited, will pay HKD 4.88 apiece or HKD 1.822 billion in total for the 373 million ordinary shares in Taifook Securities Group held by NWS Holdings, according to the agreement the two sides inked on November 19.

After the acquisition, the Shanghai-based securities firm will be the majority shareholder of Taifook Securities Group, with NWS Holdings taking a 9% ownership and the Taifook Securities Group board members sharing the remainder 38.14% with public investors.

The deal will enable Haitong Securities to smooth a planned internationalization by expanding its business in Hong Kong, one of the financial hubs in the world, said the mainland company.

Source: www.cnstock.com (November 23, 2009)

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