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2006-11-23 03:06:00 a.m. HKT, XFNA
HK's New World Mobile to sell Telstra jv stake to parent for 2.5 bln hkd
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UPDATE
HONG KONG (XFN-ASIA) - New World Mobile Holdings Ltd (NWM) said it is
selling its 23.6 pct stake in its mobile phone joint venture with Australia's
Telstra Corp for 2.50 bln hkd to its parent, New World Development.
In a statement, the company said it is expected to make a gain of 352 mln
hkd from the disposal.
It said the stake is being sold to raise cash for the retirement of loans
and for the company's general working capital.
It said part of the cash proceeds will go to pay its shareholders a
special dividend of 1.20 hkd each.
New World Development holds a 58.04 pct stake in NWM.
NWM also said New World Development will be selling its stake entire
stake in NWM to a non-executive director of the unit, Simon Lo, at 0.65 hkd
each. The stake involves 55.34 mln shares.
Lo is expected to make an unconditional mandatory general offer for all
of NWM's outstanding shares.
Following the deal NWM will focus on its technology business, it said.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com xfnlwm/xfnsp
MMMM
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