PRC network provider sells 49% stake

    September 09, 2010 | BY

    clpstaff &clp articles

    Citic 1616 Holdings, a hub-based value-added services provider to Asia's telecoms operators, has acquired a 49% stake in PRC virtual private network…

    Citic 1616 Holdings, a hub-based value-added services provider to Asia's telecoms operators, has acquired a 49% stake in PRC virtual private network provider China Enterprise Communications (CEC) for HK$258.4 million (US$33.2 million).

    Citic 1616 bought CEC's shares from parent company Citic Group and Beijing-based CE-SCM Network Technology. This was Citic Group's first direct asset injection to Citic 1616 in support of the subsidiary's strategic development.

    Citic 1616 has also proposed to change its name to Citic Telecom International Holdings.

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