ChinaEverbright Ltd. agreed to sell its entire stake in China UnionpayMerchant Services Co. Ltd. to Guangji Consultancy (Beijing) Co. Ltd. for 1.83billion Chinese yuan.
China Everbright owns a 9.34% stake in China UnionpayMerchant through unit Shenzhen Everbright Investment Consultancy Co. Ltd. ChinaUnionpay Merchant provides bank cards payment services.
The proposed sale is expected to result in a before taxationgain of around HK$634 million for China Everbright shareholders.
The sale is subject to relevant approvals.
As of Sept. 29, US$1was equivalent to 6.67 Chinese yuan.