Seven Group Holdings Ltd
(ASX:SVW) has applied for US$250 million worth of shares in Agricultural Bank of China.
In an update on our earlier story, Seven says as yet is has not received any notification that it has been successful in its application but expects a decision shortly.
Seven says it has treated the situation as an incomplete proposal necessarily held in confidence but makes this announcement now in order to prevent the market being misinformed.
The company says it looks forward to its application being successful and says the stake, if allocated, will be a strategic investment intended to further Seven’s links with and assisting its WesTrac business in North Eastern China.
Seven Group Holdings is the merger of television network Seven and earth moving company WesTrac.
Agricultural Bank of China is the country’s largest bank by retail customers, and its IPO is expected to raise up to US$30 billion.
Seven Group Holdings paid shareholders a total of 34 cents a share in dividends for fiscal 2009.
