Tianjin Development to Sell Dynasty Fine Wines Stake to Parent
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Tianjin Development Holdings Ltd. said it will sell its stake in suspended Dynasty Fine Wines Group Ltd. to its parent for at least HK$890 million ($115 million).
Tsinlien Group Co., owned by the Tianjin, China, municipal government, will buy unit Famous Ever Group Ltd. from Tianjin Development, according to a Hong Kong stock exchange filing yesterday. Famous Ever’s sole asset is 558 million shares in Dynasty, a 44.7 percent stake, the company said.