ZTE To Sell Off Stake In Unit Worth $206 Mn
ZTE Corp, China's second largest telecom equipment maker, plans to sell an 81 percent stake in its unit Shenzhen ZNV Technology.
ZTE Corp, China's second largest telecom equipment maker, plans to sell an 81 percent stake in its unit Shenzhen ZNV Technology for 1.3 billion yuan ($206 million), it said on Friday.
The stake sale will result in a net gain of 880 million yuan for the loss-making company, it said in a statement on the Hong Kong stock exchange.
ZTE logged its biggest quarterly loss in the third quarter, with analysts saying that it would need to sell off stakes in its units to help it turn profitable for the full year.
Image courtesy: Reuters
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