Legend Holdings, owner of the world's fourth largest PC manufacturer in the world, Lenovo sold its 29% stake for 2.76 billion yuan (404.1 million dollars) to China Oceanwide Holdings Group, a private investment firm. Further details of the transaction will be disclosed at a media event to be held September 8, 2009. PC World reports:
At stake is sold by the Chinese Academy of Sciences, an institution run by the State which conducts national research projects. Oceanwide China is the only buyer who fulfilled the conditions set forth in the notice of sale of the academy, the spokesman said Legend. The Academy requires that the purchaser agrees not to sell its stake, change the Legend's strategy or suggest changes to the management company for five years. The Academy will retain a 36 per cent in the legend, leaving the largest investor of the company.
China Oceanwide Group Holdings (COHG) was founded by Mr. Lu Zhigiang in 1988. The company is owned by China Oceanwide Group Holdings Co. Ltd. (COHGCL) which has registered capital of 4 billion yuan. The company is involved in real estate, infrastructure construction, banking, insurance, securities, pawn brokerage, energy, movies and strategic investments and risk carriers, asset management , capital, commodities trading, the electronic system to fight against the fire and the hotel.
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