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The stock was up 8 cents just before 9:15 am ET, rallying to 63 cents. If pre-market gains hold, the stock will open at its highest level in just over a week.
XFMedia Finance Media announced the divestment of its Hong Kong based outdoor advertising business, Convey Advertising Co. Ltd., to Pariya Holdings Ltd., for total purchase price of US$85 million. Pariya is controlled by the management and original sellers of Convey.
XFMedia specified that this sale will improve its liquidity position and is in line with its strategy to focus on sports and entertainment content and distribution in China.
Looking ahead, XFMedia said it will continue to restructure businesses to focus on sports and entertainment, which could result in material one-time non-cash charges in the fourth quarter of 2008.
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