PRC network provider sells 49% stake

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    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.

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