Legend confirms buying stake in BOCI Securities

16:50, March 09, 2010      

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Liu Chuanzhi, president and CEO of Legend Holdings and deputy to the People's Congress, confirmed Monday that the global investment holding company has brought shares of Bank of China International Securities Limited (BOCI Securities), according to the China Business News.

During a meeting break at the third session of the 11th National People's Congress (NPC), Liu announced the acquisition of shares.

Previous reports said that Legend spent 900 million yuan ($131.8 million) to buy a 12-percent stake of BOCI Securities. But Legend did not give comments on the news.

Liu said Legend attached great importance to the financial industry, including the securities industry, which indicates a new investment direction for the company.

At the beginning of this year, Legend signed a contract to buy into Han Kou Bank and when the transaction is completed, Legend will be the first majority shareholder of the bank. But Liu said right now, Legend has no specific plans to list Han Kou Bank.

In addition, Legend is actively buying back its red chips in Hong Kong in order to prepare its listing on the A-share market in China, but the exact timetable will be decided by the China Securities Regulatory Commission.

''Basically, Legend's business affairs have been carried out steadily and smoothly, and now we are ready for the returns,'' said Liu.

Source: Global Times
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