Friday, Mar 23, 2012
("HSBC Sells 80.1% Of HSBC Private Equity Middle East For $3.4M," at 1006 GMT, incorrectly stated an acquisition price for HSBC Private Equity Middle East in the headline and first paragraph. The correct version follows, with additional information in first main fact:)
LONDON (Dow Jones)--London headquartered banking and financial services company HSBC Holdings PLC (HSBA.LN) Friday said its unit HSBC Financial Services (Middle East) Limited will sell 80.1% of HSBC Private Equity Middle East Limited, or HPEME, to Havenvest Partners Limited, or HPL.
MAIN FACTS:
-HPL, a company set up by members of HPEME's current management team, will acquire consolidated gross assets of $3.4 million on completion.
-HSBC will retain a 19.9% interest in HPEME, which will be renamed on completion.
-HPEME has funds of $480 million under management.
-Completion of the transaction is expected at the end of the second quarter of 2012.
-Shares of HSBC Holdings at 1005 GMT down 3 pence, or 0.6%, at 560.2 pence.
-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com
(END) Dow Jones Newswires
23-03-12 1019GMT
