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| Wednesday, October 08, 2008 00:18:01 |
Softbank International to raise stake in China Gloria
Softbank International Investment, a loss-making investment company engaged in lottery advisory and financial servcies businesses, will raise its stake in China Gloria Consultants, a Mainland lottery company to 50 percent for 454 million HK dollars, The Standard reported.
China Gloria Consultants is a joint venture between Softbank International and China Gloria Investment and Management.
Upon the completion of the transaction, China Gloria Consultants will provide exclusive consultancy for capital management, finance, marketing and public relations services to CGIM, said the paper, quoted a company’s statement released Sunday.
Under the agreement, CGIM will pay 1.5 percent of its total gross lottery revenues to China Gloria Consultants as consultancy and services fee.
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