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 is mainly engaged in four businesses. The publishing business mainly includes book publishing, newspaper publishing, electronic audio-visual publishing and related copyright business. The distribution business mainly includes the distribution of textbooks through Modern Education and its subsidiaries. The material supply business mainly includes the sale of paper and other products to the Company's subsidiaries and to external customers. The printing business is mainly carried out through Xinhua Printing, which mainly includes the printing and binding of publications and other printed matters.
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.