Sunasia Tourism's Signs Conditional Share Placement Deal That Could Lead to Change in Controlling Shareholder; Shares Up 3%

MT Newswires Live07-29

Dalian Sunasia Tourism (SHA:600593) expects its controlling shareholder to change to Shanghai Tongcheng Enterprise Management Partnership (Limited Partnership) after signing a conditional share placement agreement, according to a Tuesday filing on the Shanghai bourse.

Following the transaction, Shanghai Tongcheng is expected to own approximately 38,640,000 shares, or around 23% of the Chinese tourism company's total share capital.

Currently, the company's controlling shareholder is Dalian Xinghaiwan Financial Business District Investment Management, while the State-owned Assets Supervision and Administration Commission of Dalian Municipal Government is the de facto controller.

The company's shares jumped over 3% during midday trade.

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