Fosun International Ltd (Fosun)<656> purchased 33.84 million American Depository Shares (ADSs) in Focus Media Holding Ltd (Focus Media)<FMCN> from Nov. 17 to Feb. 19 on the Nasdaq Stock Market, according to the company's filing with the Hong Kong Stock Exchange (HKEx).
The Shanghai-based conglomerate has spent US$279.8 million (HK$2.18 billion) in acquisition of the 33.84 million ADSs, which account for 26.14% of Focus Media's outstanding shares.
A media source revealed that Fosun raised its stake in Focus Media by 1.73% for US$16.25 million last week.
Fosun said the acquisition is in line with the company's investment strategy in Focus Media and it has no intention of reshuffling the latter's personnel structure.
