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Tongyu Communication to Buy Up to 25% Stake in Mobile Communication Equipment Company

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Tongyu Communication (SHE:002792) will purchase up to a 25% stake in Shenzhen Jiaxian Communication Technology for 300 million yuan, according to a Wednesday filing with the Shenzhen bourse.

The purchase will take place in two stages. Phase 1 will involve the purchase of 10.9 million shares, or a 15% stake in the mobile communication equipment company, for 180 million yuan, while phase 2 will see the purchase of 7.3 million shares, or 10%, for 120 million yuan.

Tongyu will have the right to decide whether to implement the transaction within three months of the final installment of phase 1.

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