China Mobile has agreed to pay Rmb39.8bn ($5.8bn) for a 20 per cent stake in Pudong Development Bank, closing a deal that unsettled investors when news of it started leaking two weeks ago.
In an attempt to calm jittery investors after China Mobile shares were hammered over the past week, the world's largest mobile operator said the investment would increase its earnings per share by 2 per cent immediately on completion of the deal.
But Wang Jianzhou, China Mobile chairman and chief executive, insisted that taking a stake in the regional lender was not just a financial investment but a strategic move to enhance its mobile payments business, which the carrier has identified as a core area in value-added services.
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