Putian Communication Group (HKG:1720) agreed to sell a 51% stake in its subsidiary, Putian Cable Group Communication Technology, to individual investor Zhao Xiaobao for about 3 million yuan, according to a Friday filing with the Hong Kong bourse.
The sale, entered into on July 18, 2024, follows the company's decision to divest its underperforming investment while retaining a 49% stake.
The proceeds will be used for corporate purposes. Completion of the deal is pending mutual agreement between the parties.
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