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China Evergrande (3333) sells 19.93% stake in Shengjing Bank to local government entity | Shengjing Bank announcement
Company announcement, 29-Sep-2021
China Evergrande keeps 14.57%. It says that its "liquidity issue has adversely affected Shengjing Bank in a material way". As a condition of completing the share transfer, the bank demands that all the proceeds be used to settle "relevant financial liabilities" of the China Evergrande group to the bank. The buyer's stake increases to 20.79% and the aggregate stake of the Shenyang Government (including via other entities) will be 29.54%.
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