CEC Becomes the biggest Shareholder of Panda Electronics

China Electronics Corporation (CEC) became the biggest shareholder of Nanjing Panda Electronics Co., Ltd. (SHSE: 600775), with 70% equities, according to a data report released on September 7, 2009 by Panda Electronics.

CEC signed an agreement with Jiangsu Guoxin Investment Group Limited and the State-Owned Assets Supervision and Administration Commission of Nanjing previously, part of their aim to form a subsidiary named CEC Panda Information Group Limited, according to a financial report of Panda Electronics. In addition, CEC has 70% equities in the subsidiary, and the other two 15% respectively.

The State-owned Assets Supervision and Administration Commission (SASAC) has approved the deal recently, and Nanjing Panda Electronics Group Co., Ltd. will hold 334,715 million shares in the subsidiary, taking 51.1% of the total.

Notably, the subsidiary signed three agreements about the venture's establishment, the 6G LCD panel production line, and the LCD R&D center with Sharp Corporation on August 31, 2009.

Source: www.163.com (September 08, 2009)

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