China Mobile Signs A Deal With Pudong Bank (CHL)
By Benzinga Staff
March 10, 2010 8:22 PM
March 10, 2010 8:22 PM
China Mobile (ADR) (NYSE: CHL) has agreed to acquire a 20 percent stake in the Shanghai Pudong Development Bank. The deal is expected to be worth $5.8 billion.
The share has been priced at a 13 percent discount to its closing price on Feb. 25. The deal will help China Mobile to extend its reach in the mobile e-commerce market.
China Mobile has more than 500 million subscribers. The firms will jointly develop mobile finance and e-commerce business.
Wang Jianzhou, chairman of China Mobile, said, “The co-operation between China Mobile and SPD Bank signifies the aspiration of a closer integration between mobile communication and e-commerce applications."
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