China Mobile announced on October 15 that the wholly-owned subsidiary Guangdong Mobile has completed the approval of the government and regulatory agencies for the subscription of 20% equity of Shanghai Pudong Development Bank. The share subscription has been completed and Guangdong Mobile has registered as a shareholder of Shanghai Pudong Development Bank.
Due to the impact of SPDB ’s dividend in 2009, China Mobile ’s subscription shares were adjusted to 2.87 billion shares, which still accounted for 20% of Pudong ’s expanded total share capital. The subscription price was adjusted from 18.03 yuan to 13.75 yuan. yuan.
China Mobile announced on March 10, 2010 that its wholly-owned subsidiary, Guangdong Mobile, had signed a share subscription agreement with Shanghai Pudong Development Bank. According to the agreement, Guangdong Mobile has conditionally agreed to acquire 2.2 billion new shares of Pudong Development Bank for RMB 39.8 billion.
Prior to this, Guangdong Mobile had nominated two China Mobile executives, Sha Yuejia and Zhu Min, as candidates for directors from Shanghai Pudong Development Bank, and promised that it would not transfer shares of Shanghai Pudong Development Bank within 5 years from the date of the issue.
In March 2010, China Mobile announced that it will subscribe for 20% of the newly issued A shares after the expansion of Shanghai Pudong Development Bank through its wholly-owned subsidiary, Guangdong Mobile. The transaction was finally announced after six months, and China Mobile successfully became the second largest shareholder of SPDB.
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