CP: Ping An buy legitimate

INSURANCE

Published: 10 Jan 2013 at 00.00
Newspaper section: Business

The conglomerate controlled by Thailand's richest man, Dhanin Chearavanont, has reiterated that its acquisition plan for Ping An Insurance (Group) Co remains on course despite mounting speculation that Chinese regulators may block the US$9.39-billion deal.

CP Group believes the purchase plan is in compliance with the rules and regulations of the Hong Kong Stock Exchange, where Ping An is listed, and that the source of funds is transparent, said Suthana Hongthong, assistant vice-president of CP Group.

She said half the funding would come from four of the group's wholly owned subsidiaries _ Tongying Maoyi Co Ltd, Longfu Group Co Ltd, Shangfa Konggu Co Ltd and Yisheng Fazhan Co Ltd _ and the rest from loans supported mainly by the Hong Kong branch of the China Development Bank (CDB).

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jwatch
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Discussion 1 : 10 Jan 2013 at 09.011
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"CP Group said last month it had agreed to pay $9.39 million to acquire a 15.57% stake in Ping An from HSBC Holdings Plc, the major shareholder. Siam Commercial Bank advised on the deal"

That's it? $9.39 MILLION for a big stake in a multi-billion dollar company? What a great deal!

Oh wait....once again, editor fail at the BKK Post and/or not knowing difference between "Million" and "Billion"
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CP: Ping An buy legitimate | Bangkok Post: business