Amoi to Sell 72.14% Stake in Mobile Phone Shell Unit

SHANGHAI, Oct 09, 2008 (SinoCast via COMTEX) -- XIXIF | Quote | Chart | News | PowerRating -- Amoi Electronics Co. Ltd. (SHSE: 600057) puts a 72.14% stake in its mobile phone shell unit Xiamen Amoi Engineering Plastics Co. Ltd. on sale at a base price of CNY 37.33 million on the Shanghai United Assets and Equity Exchange (SUAEE).

With a registered capital of CNY 35 million, Amoi Engineering mainly produces mobile phone shells as well as shells for laptops and TVs. As of October 31, 2007, its total assets reached CNY 93.7815 million and liabilities stood at CNY 42.0358 million.

The disposal is part of Amoi's efforts to recover capital and ease operating pressure, said Lv Dong, board secretary for the Shanghai-listed company, adding that Amoi will be responsible for the mobile phone production and sales after shedding the mobile phone shell business.

The publicly-traded company has slashed its headcount from around 13,000 to 5,000, in a bid to make a turnaround in the global economy downturn, said and executive for the company in an earlier interview.

From www.hexun.com, Page 1, Wednesday, October 08, 2008 info@SinoCast.Com

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index