Cisco to Sell HKD 400 Mln Stake in CCS
National Business Daily, 12/18/08
Cisco Systems is looking to sell 90 mln shares in telecommunications support service provider China Communications Services Corp (CCS) (0552.HK) for HKD 401 mln through a secondary share offering. The sale, equivalent to roughly half Cisco's stake in CCS, would be made at a range of HKD 4.27 to HKD 4.50 per share, meaning a discount of between 9.5% to 14.1% on CCS's closing price Wednesday of HKD 4.97.
At the end of 2006, Cisco announced it had made a strategic investment of USD 50 mln in CCS. As of October 9, 2008, Cisco owned 178.58 mln shares, or an 8.96% stake, in CCS.
Keywords: divest financing 0552.HK CCS China Communications Services Corp Cisco telecom telecom engineering
Sending
