27th Jul 2007 13:48
HSBC Holdings PLC27 July 2007 HSBC SELLS 19 PER CENT STAKE IN IBUSINESSCORPORATION.COM TO CHEUNG KONG The Hongkong and Shanghai Banking Corporation Limited has sold its 19 per centstake in iBusinessCorporation.com Holdings Limited (iBC.com) to Cheung Kong(Holdings) Limited for a consideration of HK$6.98 million (approximatelyUS$895,000). iBC.com is a joint venture company established by four parties in early 2000 tofocus on facilitating e-commerce on the internet. Hang Seng Bank Limited (62.14per cent-owned by The Hongkong and Shanghai Banking Corporation) holds a 4.75per cent stake which it is also selling to Cheung Kong, for HK$1.75 million(approximately US$224,000). Hutchison Whampoa Limited holds 26.69 per cent. Cheung Kong already holds a 49.56 per cent interest in iBC.com. Following itspurchases from HSBC and Hang Seng Bank, it now owns 73.31 per cent of iBC.com. The sale by HSBC and Hang Seng Bank aims to allow iBC.com to consolidate itsmanagement. Note to editors: The Hongkong and Shanghai Banking Corporation LimitedThe Hongkong and Shanghai Banking Corporation Limited is the founding and aprincipal member of the HSBC Group which, with around 10,000 offices in 82countries and territories and assets of US$1,861 billion as at 31 December 2006,is one of the world's largest banking and financial services organisations. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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