South Africa's Naspers to take 40% of Beijing Media issue

"Beijing Media Corp, the advertising sales unit of Beijing Youth Daily (the mainland's second largest newspaper in terms of advertising revenue) has attracted the backing of South African media group Naspers, which will subscribe to about 40 % of BMC's HK$905 million initial public offering (IPO)", reports The Standard's Mark Lee. BMC is selling 47.74 million shares, representing 25 per cent of its enlarged share capital, the maximum allowed under mainland regulations, at an indicative price range of between HK$14.95 and HK$18.95 per share to raise between HK$714 million to HK$905 million."

Source: The Standard via IFRA