China Telecom Corporation Limited completed the acquisition of 7.6% stake in China Publishing & Media Holdings Co., Ltd. from China Publishing Group Co., Ltd. on January 6, 2022.
January 05, 2022
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China Telecom Corporation Limited (SEHK:728) signed an agreement to acquire 7.6% stake in China Publishing & Media Holdings Co., Ltd. (SHSE:601949) for approximately CNY 830 million on July 30, 2021. As per terms of transaction, China Telecom Corporation Limited will acquire 138.6 million shares. Within 5 working days after the agreement becomes effective, China Telecom Corporation Limited must pay the full transfer price to the seller's designated account. This transaction was already approved by China Publishing Group Corp.s party committee meeting, general manager office meeting. This transaction was approved by China Telecommunications Corporation's party committee meeting, general manager office meeting.
China Telecom Corporation Limited (SEHK:728) completed the acquisition of 7.6% stake in China Publishing & Media Holdings Co., Ltd. (SHSE:601949) from China Publishing Group Co., Ltd. on January 6, 2022. Post completion, China Publishing Group Co., Ltd. holds68.44% stake of China Publishing & Media Holdings Co., Ltd.
China Publishing & Media Holdings Co Ltd is a China-based company mainly engaged in the publication of books, newspapers, periodicals and other publications. The Company operates five segments. The Publishing segment mainly engages in mass market publishing, professional publishing and educational publishing. The Issuing segment mainly engages in the issuing of national textbooks, local textbooks, synchronous teaching aids, extracurricular readings and other products. The Materials segment mainly engages in supplying domestic and imported paper, paper pulp, binding materials and acting as agent for various printing equipment and printing auxiliary materials. The Printing segment mainly engages in the printing and binding of publications and other printed materials. The Other segment engages in the advertising and other businesses. The Company conducts its businesses in the domestic market.
China Telecom Corporation Limited completed the acquisition of 7.6% stake in China Publishing & Media Holdings Co., Ltd. from China Publishing Group Co., Ltd. on January 6, 2022.