Everbright Securities to dispose of 12% in Everbright Pramerica JV

Chinese securities broker Everbright Securities (SHA:601788) said today it will sell a 12% stake in Shanghai-based Everbright Pramerica Fund Management Co, which it jointly owns with US financial group Pramerica Financial, for CNY330m (USD48.6m/EUR 38m).

The fund management joint venture is currently 67% owned by Everbright and 33% by Pramerica.

Pramerica is Prudential Financial's (NYSE:PRU) brand name used in select countries outside the USA.

Country: China;

Sector: Banking/Financial Services

Target: Everbright Pramerica Fund Management Co Ltd

Vendor: Everbright Securities Co Ltd

Deal size in USD: 48.6m

Type: Divestment

Status: Auction

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