China,Turkey : CHINA'S ICBC acquires TURKISH TEKSTILBANK.
China's largest listed bank, the Industrial and Commercial Bank of China (ICBC) agreed to pay 669 million Turkish Liras ($314.73 million) for GSD Holding's 75.5% shares in Turkish lender Tekstilbank.Trading shares of Tekstilbank and GSD Holding were suspended temporarily.
Borsa Istanbul said the shares were halted upon the two companies' requests.
GSD controlled 75.5% of the Turkish lender, the remaining 24.6% was traded at the stock exchange.
The Beijing-based lender could also bid for the remainder of the company.
Tekstilbank shares closed the morning session with a 0.68% drop at 1.46 liras ahead of the sale's announcement, while GSD Holding shares were traded at 1.12 liras with a 0.88% plunge.
The bank's market value is calculated at 617.4 million liras.
GSD Holding said the contract will be valid after receiving the required permission from the appropriate Chinese and Turkish authorities.
2014 Al Bawaba (Albawaba.com) Provided by Syndigate.info , an Albawaba.com company
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| Publication: | Mena Report |
|---|---|
| Geographic Code: | 9CHIN |
| Date: | May 1, 2014 |
| Words: | 163 |
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