On Air Now

Listen

Listen Live Now » 101.9 FM Central Wisconsin

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
41° Feels Like: 33°
Wind: WNW 16 mph Past 24 hrs - Precip: 0.26”
Current Radar for Zip

Tonight

Rain 37°

Tomorrow

PM Showers 58°

Fri Night

Partly Cloudy 31°

Alerts

ZTE to sell off stake in unit worth 1.3 billion yuan

ZTE company logos are seen at an international software and information services exhibition in Nanjing, Jiangsu province September 6, 2012.
ZTE company logos are seen at an international software and information services exhibition in Nanjing, Jiangsu province September 6, 2012.

HONG KONG (Reuters) - 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.

(Reporting by Lee Chyen Yee and Alison Leung)

Comments