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CCT Telecom, a Hong Kong-listed cordless phone maker, will dispose of its stake in Haier Electronics Group at a premium of nearly 3 percent, sources said.

CCT Telecom, a Hong Kong-listed cordless phone maker, will dispose of its stake in Haier Electronics Group at a premium of nearly 3 percent, sources said.

Deutsche Bank will buy the 23.97 percent stake, or 3.93 billion shares, of Haier Electronics owned by CCT Telecom for HK$557 million, according to market sources.

Sources said Deutsche Bank will pay HK$0.142 a share to CCT Telecom, a 2.9 percent premium to Haier Electronics' last closing price of HK$0.138 before trading was suspended on Thursday last week.

Deutsche Bank will also subscribe to guaranteed put warrants, which give it the right to sell the stock at an agreed price of the same number of Haier Electronics shares it buys to Qingdao Haier Group Holdings.

Qingdao Haier is a unit of the Haier Group, China's largest whitegoods maker that owns 50.2 percent interest in Haier Electronics.

Haier Group will own almost 75 percent in Haier Electronics if Deutsche Bank exercises the put warrants.

The disposal is another step for CCT Telecom to undergo a restructuring, following its proposal to privatize its 74 percent-owned unit CCT Technology International for HK$93 million. Shares of CCT Telecom and Haier Electronics were suspended pending an announcement about "a very substantial disposal" and "price sensitive information" respectively.

Both companies declined to comment Tuesday.

Washing machine and mobile phone manufacturer Haier Electronics, formerly called CCT Multimedia, obtained its listing status through a backdoor listing after its parent injected two joint ventures with CCT Telecom in exchange for a controlling stake.

The company was renamed Haier- CCT in 2001 and the name changed to Haier Electronics in March this year.

Haier Electronics executive director Cui Shaohua earlier said its controlling shareholder Haier Group has not ruled out any possibility of raising its holding.

Cui said parent Haier may inject unlisted whitegoods assets such as refrigerator and air-conditioner businesses into the listed company.

Haier Electronics reported a loss of almost HK$400 million for the first six months as its mobile handset business posted a loss of HK$65.7 million.

The fulll story here from The Standard

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