Global Telecom to Acquire 50% Stake in Card Distributor
PRNewswire, 4/09/08
Global Telecom Holdings Limited (''GTHL''), a wholly owned subsidiary of Guangzhou Global Telecom, Inc (OTCBB: GZGT), a Chinese wholesale distributor of mobile phones, pre-paid calling cards and mobile handset value-added services, announced that it has signed an agreement with Beijing Lihe Jiahua Technology and Trading Company Ltd ('Lihe') to acquire a 50% equity interest in Lihe in the form of 1,500,000 shares and RMB 200,000 as operating cash.
Lihe, located in Beijing, is a privately owned company engaged in distribution of telecommunication products, pre-paid cards and stored-value game cards. In 2007, Lihe realized unaudited revenues of approximately RMB 15 mln with a net profit of RMB 1 mln. In Q1 2008, Lihe achieved un-audited revenues of close to RMB 3.75 mln and is forecast to hit RMB 4.125 mln in Q2 2008.
Keywords: Global Telecom mobile phone calling card Lihe Jiahua M&A game card distribution Guangzhou telecom wholesale
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