Mainland firm seeks stake in Champion

PUBLISHED : Friday, 22 August, 1997, 12:00am
UPDATED : Friday, 28 October, 2016, 9:17am

Pager-maker Champion Technology Holdings is to sell a 15 per cent stake to a window company of the Ministry of Posts and Telecommunications.

Sources said the sale was close to being finalised after more than a month of negotiations.

Champion's shares were suspended yesterday afternoon after surging 13.72 per cent to HK$2.90 in the morning session on unusually heavy trade of 182.65 million shares.

Champion yesterday said another mainland party was interested in buying a stake in the company, taking the number of interested mainland parties to two.

It said it was in preliminary talks with the latest party, but did not reveal the identities of the parties.

The sources said the window company was likely to be China Telecom, one of the two major window companies of the ministry.

An analyst said: 'At a time when China is seeking to enter the WTO [World Trade Organisation], the acquisitions of Hong Kong companies with telecom exposure is seen as an effort to liberalise the sector.'