51 Credit Card, Unit to Dispose of Stake in China Netcom Technology

MT Newswires Live01-30

51 Credit Card (HKG:2051) and unit 51RENPIN.COM agreed to sell 1,358,954,030 shares in China Netcom Technology (HKG:8071) to two buyers for nearly HK$21.8 million, a Jan. 24 bourse filing said.

The shares, representing 29% of China Netcom Technology's issued share capital, were bought by Qichen High-Tech Management Consulting and its parent Shandong Qichen Zhongke Investment.

The financial services provider will use proceeds from the sale of lottery software developer China Netcom Technology as general working capital.

51RENPIN.COM, on the same day, agreed to place up to 476,009,183, or 10.16% shares in China Netcom Technology, to investors procured by placing agent Lego Securities.

Following completion of the disposal and placing agreement, 51 Credit Card will cease to hold any interest in China Netcom Technology.

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