Bursa Alert
Global Market
NewsREDtone divesting indirect China unit for RM14mil
Page 1 of 1
REDtone divesting indirect China unit for RM14mil
by Cals Mon 04 Aug 2014, 02:05
Published: Saturday August 2, 2014 MYT 12:00:00 AM
Updated: Saturday August 2, 2014 MYT 7:38:11 AM
[size=40]REDtone divesting indirect China unit for RM14mil[/size]
PETALING JAYA: REDtone International Bhd is divesting its indirect China unit, Shanghai Hong Sheng Business Administration Co Ltd (SHHS), for 28 million yuan (RM14mil) to Guotai Investment Holdings Ltd.
The company told Bursa Malaysia yesterday that the divestment was part of the company’s plan to generate cash for business expansion and to simplify its core business, namely its telcoms-related business.
Upon completion of the divestment, SHHS shall cease to be a subsidiary of REDtone China, the company said.
“Barring unforeseen circumstances, the REDtone Group expects the divestment to generate cash for business expansion and to simplify REDtone China’s business.
“SHHS had been conducting all the telco-related services in Shanghai,” REDtone said, adding that the services would be transferred to Shanghai Huitong Telecommunications Co Ltd, a subsidiary of REDtone China.
REDtone China is a 100% subsidiary of REDtone Asia Inc, a company listed on the US OTC Bulletin Board and a 92.3% subsidiary of REDtone International Bhd.
Updated: Saturday August 2, 2014 MYT 7:38:11 AM
[size=40]REDtone divesting indirect China unit for RM14mil[/size]
PETALING JAYA: REDtone International Bhd is divesting its indirect China unit, Shanghai Hong Sheng Business Administration Co Ltd (SHHS), for 28 million yuan (RM14mil) to Guotai Investment Holdings Ltd.
The company told Bursa Malaysia yesterday that the divestment was part of the company’s plan to generate cash for business expansion and to simplify its core business, namely its telcoms-related business.
Upon completion of the divestment, SHHS shall cease to be a subsidiary of REDtone China, the company said.
“Barring unforeseen circumstances, the REDtone Group expects the divestment to generate cash for business expansion and to simplify REDtone China’s business.
“SHHS had been conducting all the telco-related services in Shanghai,” REDtone said, adding that the services would be transferred to Shanghai Huitong Telecommunications Co Ltd, a subsidiary of REDtone China.
REDtone China is a 100% subsidiary of REDtone Asia Inc, a company listed on the US OTC Bulletin Board and a 92.3% subsidiary of REDtone International Bhd.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» MMC indirect unit buys Aussie firm
» Kulim to list indirect unit E.A Technique on main market
» Redtone unit gets RM14.3m govt job
» Sime unit bullish on China
» Kelington’s unit gets US$46m contract in China
» Kulim to list indirect unit E.A Technique on main market
» Redtone unit gets RM14.3m govt job
» Sime unit bullish on China
» Kelington’s unit gets US$46m contract in China
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|