ZTE to sell off stake in unit worth 1.3 billion yuan | business | Hindustan Times
Today in New Delhi, India
Dec 09, 2016-Friday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

ZTE to sell off stake in unit worth 1.3 billion yuan

business Updated: Dec 28, 2012 16:47 IST

Reuters
Highlight Story

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.