Jinjiang International Hotels Development (SHSE: 600754) planned to acquire 100% of Smartel that has 21 hotels, including 15 ones into operation.
Jinjiang will pay for the stake with self-owned funds and proceeds from issuing additional shares. However, it did not disclose how much it will pay for the deal.
Source:
http://www.sinocast.com/readbeatarticle.do?id=94107
