SOEs to sell 26% equity in UBS Securities as a package
State-owned enterprises China National Cereals and Guodian Capital Holdings aim to divest equity on the CBEX
The Beijing Equity Exchange has announced two transactions on its official website involving the transfer of equity of UBS Securities.
According to the latter online advertisement, two state-owned enterprises are planning to sell a total 26.01% of the shares of UBS Securities, The Paper reported.
The China National Cereals, Oils and Foodstuffs Corp., is seeking to transfer 14% shares of UBS, with a transfer price of 461.72 million yuan (US$66.68 million).
Guodian Capital Holdings Co. Ltd., an insurance subsidiary of China Guodian Corp., one of the five largest power producers in the country, also aims to transfer 12.01% of its equity of UBS at a reserve price of 396.09 million yuan.
It is worth noting that the transferee of the two property transactions must be the same party, which means investors must buy them as a whole package.
So, if UBS Group buys the package, it will hold 51% shares of UBS Securities and become the controlling shareholder of the company. Therefore, UBS Securities will also become the first foreign-controlled brokerage firm in China.