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NewsREDtone divesting indirect China unit for RM14mil
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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.
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