Goldman approved to buy 10 pct of China's Fuyao

Date: 28 August 2007
Source: www.reuters.com

Date: 28 August 2007

Goldman Sachs has won Chinese government approval to buy a 10 percent stake in Fuyao Group Glass Industries Co. for 890 million yuan ($118 million).

The Ministry of Commerce has given permission for the country's biggest auto glass maker to sell 111.28 million new shares, or a 10th of its expanded share capital, to an investment arm of Goldman Sachs, Fuyao said.

The approval came nine months after Fuyao announced last November that Goldman Sachs would buy its shares at 8 yuan apiece in a placement, becoming the Chinese firm's strategic partner.

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