Minzu, G ticket dispenser oldstate Securities plans merger for IPO

Mar. 17, 2009 (China Knowledge) - Minzu Securities intends to merge with Goldstate Securities to launch an initial public offering (IPO), the Shenzhen-based Securities Times reported yesterday, citing an unnamed source.

The newspaper said the two securities companies are discussing their merger scheme, which may be announced at the end of March.

Capital Airports, the controlling shareholder of both companies, owns a 61.25% stake in Minzu Securities and a 95.56% stake in Goldstate Securities.

Because, according to new regulations released by the State Council last year, one company is not allowed to control two securities firms at the same time, Capital Airports had to sell one of the two firms or combine them into one firm.