Softbank Investment International Strategic. I don't know, whether this has been posted before. I have copied it from a german board. Hans
Softbank Corp. has agreed to subscribe for 1,152.5m new shares in Cheung Wah
(0648.HK, $1.33) at $0.18 per share. The company's aim is to become the largest
shareholder in the company, with a 61.1% interest. The issued price of the new
shares represents a 14% discount to the pro-forma NAV of Cheung Wah of $0.21 per
share. The original controlling shareholder, the Yu family, will then see their
stake diluted from 39.7% to 15.5%. The future of Cheung Wah was initially a
little unclear after the shift in control. However, the company's name is now to
be changed to Softbank Investment International (Strategic). This could reflect
Softbank's intention to use the listing vehicle to expand its Internet-related
business, probably in greater China. Softbank Corp., listed on the Tokyo Stock
Exchange, currently possesses a market capitalisation of 8,400b yen (HK$620b).
Over the last few years the company has been focusing its investments towards
Internet-related ventures. It has so far invested in 120 Internet and
computer-related ventures in the US, Europe and Asia. The major investments
include 23% of Yahoo! Inc., and 25% of E*TRADE Group Inc. Its present business
in Hong Kong merely involves managing a direct investment fund of US$50m, for
investment in various industries in China, including Hong Kong. Cheung Wah is
therefore likely to become Softbank's investment vehicle in this area. |
