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Uber to sell Southeast operations to Grab, get stake in combined business: source

SINGAPORE: Ride-hailing firm Uber has agreed to sell its Southeast Asian business to the region’s bigger rival Grab, a source with direct knowledge of the matter said on Sunday, in what would be the US company’s second retreat from Asia. As part of the transaction, company would get a stake of as much as 30 percent in the combined business, the source said. He did not want to be identified as the deal is not public yet. Read More: US police release video of fatal collision with uber self-driving…

Pakistan Stock Exchange to sell 40pc stake next week

KARACHI: Pakistan's main bourse is to sell a 40 per cent stake next week, a company official said on Friday, citing Chinese and British consortia as among the prospective buyers. At least 17 entities have expressed an interest in the Pakistan Stock Exchange (PSX), whose benchmark stock index was one of the best performing indices worldwide in 2016, gaining 38 per cent so far. The PSX is currently owned by more than 300 Pakistani brokers. "We are opening bidding for the 40 percent share of the PSX on December 15,"…

Sony closes on Michael Jackson’s stake in music publisher

NEW YORK: Sony said Friday that it had closed its $750 million purchase of Michael Jackson's stake in a music venture behind a vast trove of hit songs. The Japanese company announced in March that it was buying the Jackson estate's 50 percent stake in Sony ATV Music Publishing, which owns the rights to several million titles. Sony in a statement said it closed on the purchase after meeting conditions including regulatory approval. The European Commission announced on August 2 that it was approving the deal, seeing no…

China Mobile set to buy stake in Thailand’s True Corp: sources

BANGKOK: State-owned China Mobile Ltd is poised to buy an 18 percent stake in Thai telecoms group True Corp valued at around $581 million, people familiar with the matter said, in Thailand's first major corporate deal since a coup last month. True Corp, backed by billionaire Dhanin Chearavanont's Charoen Pokphand Group, also plans to offer new shares via a rights issue on the basis of seven new shares for 10 existing shares, one of the sources said. The deal is part of the Thai group's long-term plan to secure a foreign…