A failed British sports media deal is still weighing on Everbright Securities Co. Ltd. although the state-owned brokerage’s profits bounced back in the first half of 2019.
On Tuesday, Everbright reported another 300 million yuan ($41.9 million) of provisions for estimated liabilities in the first half year due to its involvement, via a subsidiary, in a consortium that in 2016 purchased a 65% stake in defunct London-based MP & Silva Holding (MPS) for 5.2 billion yuan. Everbright booked a 1.52 billion yuan in provisions for contingent liabilities and impairment losses related to the deal in 2018.