China CYTS Tours to Get New Controlling Shareholder in Share Transfer Deal
China CYTS Tours will have a new controlling shareholder following a share transfer by its parent company, China CYTS Group. The group will transfer 17.37% of its shares to China Everbright Group, raising its stake in CYTS Tours from 2.99% to 20.36%. After the transfer, China CYTS Group will not hold direct shares in CYTS Tours but will maintain an indirect stake of 2.83% through CYTS Chuangyi Investment Management.
China CYTS Tours will get a new controlling shareholder after its parent firm concludes a share transfer, according to a Thursday filing with the Shanghai bourse.
China CYTS Group, the controlling shareholder, agreed to transfer 17.37% of the cultural tourism services provider to China Everbright Group.
China Everbright's equity interests in CYTS Tours will increase to 20.36% from the current 2.99% once the transfer closes.
China CYTS Group will no longer directly own shares in CYTS Tours, but will continue to indirectly hold 2.83% through its controlled entity, CYTS Chuangyi Investment Management.
