SAMC approves first privatisation

The State Asset
Management Commission, which was established in March to take over management of
China's state-owned enter-prises SO Es), has approved its first privatisa-tion. The
commission has allowed listed hotelier Tibet Pearl to sell a 25 per cent stake to Shandong
Wuzhou Investment fur Ynl2Om, making the privately-held firm the majority shareholder in
thc company. The move was seen as an important step in accel-erating the reform of
SOEs.
Tibet Pearl has posted losses in the past two years and its shares have been
trading under special treatment curbs, limiting daily movement to 5 per cent up or
down.