Bai Jin Rong: Injection of Beijing Enterprises not under govt instruction

The proposal of issuing new shares to Beijing Enterprises (0392) and Hutchison (0013) has been passed at the special board meeting of Beijing Development (0154). Beijing Enterprises would hold 55% of enlarged stake and be the controlling shareholder of the group. Bai Jin Rong, chairman of Beijing development, denied rumors that injection of Beijing Enterprises was under instruction of Beijing municipal government.He said Beijing Enterprises would keep promise not to raise funds in half year after injection.He said the group would seek other acquisition opportunities depending on project requirement and would consider introduction of other strategic investors. When considering acquisition project, input of capitals and output of project would be the focus.

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