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New Investment Made in Shanghai Information Projects
Hong Kong-listed Shanghai Industrial Holdings Limited (SIHL) Wednesday announced in Hong Kong the acquisition of 20 percent equity interest in Shanghai Information Investment (SII), the key investment body for the Shanghai Infoport Project.
Under their agreement, the acquisition will be made at a consideration of 120 million US dollars in cash and the granting of an option to subscribe for a maximum of 50 million new shares of SIHL at the price of 15.9 HK dollars (2.04 US dollars) per share.
As a professional investment company in the IT sector, SII is currently investing in 19 projects including Shanghai Information Network, Shanghai Cable Network and Shanghai's Broadband Fiber Network.
SIHL Chairman Cai Laixing described the cooperation with SII as a successful case of the "alliance of two strong partners" and said the acquisition represents an important milestone of SIHL's expansion in the IT industry, a significant element of the company 's full-scale transformation strategy.
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