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China Everbright to sell China Unionpay Merchant Services stake for 1.83B yuan

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.