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IBM Buys 5.92 Million Bright Ocean Shares for 50 Million Yuan

July 1 (Bloomberg) -- Bright Oceans Inter-Telecom Corp. said International Business Machines Corp. bought 5.92 million of its shares from its parent for 50 million yuan ($7.37 million), according to a filing to Shanghai’s stock exchange.

IBM has pledged not to sell the stake in the next year, Bright Ocean said in the statement. The Chinese company wants to add strategic investors that can help bolster its product development and increase its international exposure, Bright Oceans said.

Link to Company News:{600289 CH <Equity> CN <GO>} Link to Company News:{IBM US <Equity> CN <GO>}

To contact the reporter on this story: Zhe Huang in Beijing at zhuang37@bloomberg.net

To contact the editor responsible for this story: Bloomberg News at jliu42@bloomberg.net

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