International Business Machines Corp. has purchased a stake in Sichuan Changhong Electric Co. an electronic products maker on Friday for a total of 108 million yuan or $15.8 million, Reuters reported today.
The purchase implied a 1.56 percent stake of the Chinese company, Reuters stated. The buyout was made through the Shanghai Stock Exchange from the Changhong group, the largest owner of shares at Sichuan Changhong.
These are the first stocks IBM owns of the Chinese company. Its product's include flat panel displays, plasma televisions, electronic batteries, digital receivers and several home appliances.