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Bank: Minsheng buys 9.9 percent of UCBH

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2008-12-22 10:01

China Minsheng Banking Corp has announced that the State Administration of Foreign Exchange had approved its proposal to increase proportion shares of the US-based UCBH Holdings Inc from 4.9 percent to 9.9 percent.

The Chinese bank will buy 6,164,766 shares, at a price of $4.85 per share. The deal involved $29.9 million, equivalent to 204 million yuan, it said in a statement.

Shares of UCBH Holdings Inc closed at $5.02 on December 18 on the NASDAQ Stock Exchange. UCBH Holdings is the biggest bank serving the Chinese community in the United States.

After the deal, the cost of holding shares will be lowered to $10.91, the Chinese bank said. On March 1, Minsheng received approval to buy 4.9 percent of the UCBH Holdings, with a total investment of $95 million.