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Tongyu Communication Revises Acquisition Plan for Purchase of 25% Stake in Mobile Communication Equipment Company

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Tongyu Communication (SHE:002792) revised the acquisition plan for the purchase of a 25% stake in Shenzhen Jiaxian Communication Technology for 300 million yuan to protect buyer interests, according to a Tuesday filing with the Shenzhen bourse.

Under the revised plan, the first phase of the transaction involving the purchase of 10.9 million shares for a 15% stake will now be done under a single phase following payment in an escrow account instead of delivering the shares under four tranches.

Payments will also be given in advance instead of after delivery of shares in the mobile communication equipment company, the filing said.

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