SPDB Shareholders OK China Mobile Purchase

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(Caixin Online) Shareholders of Shanghai Pudong Development Bank Co. (SPDB) on March 30 approved the sale of a 20 percent stake to China Mobile, the country's largest mobile operator.

According to SPDB's statement, the bank will issue 2.2 billion shares at 18.03 yuan per share to China Mobile's Guangdong branch, raising 39.8 billion yuan. The deal, which enables SPDB to raise its capital adequacy ratio to 12 percent by 2012, won 99.8 percent approval from the bank's shareholders, according to the bank.