Templeton invests in China’s Tongda Group
Franklin Templeton has acquired a 6.3% stake in Tongda Group Holdings, a Chinese manufacturer of high-precision components used in consumer electronics products. The investment was made through Templeton Strategic Emerging Markets Fund IV, which targets companies in China, India, Southeast Asia and Central and Eastern Europe.
The fund purchased 300 million shares in Hong Kong-listed Tongda. Based on the company's closing price the day before the transaction was completed, the investment is worth HK$100.5 million ($12.9 million)....
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