PETALING JAYA: REDtone International Bhd is divesting its indirect China unit, Shanghai Hong Sheng Business Administration Co Ltd (SHHS), for 28 million yuan (RM14mil) to Guotai Investment Holdings Ltd.
The company told Bursa Malaysia yesterday that the divestment was part of the company’s plan to generate cash for business expansion and to simplify its core business, namely its telcoms-related business.
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