Cosco disposes of 48.6pc stake in power plant
Ship trading and property firm Cosco International yesterday sold an effective 48.6 per cent interest in a loss-making power plant in Henan province for 43.8 million yuan. Managing director Liu Hanbo cited the company's desire to focus on core businesses of ship trading and supply services in announcing the transaction. The deal is expected to result in a net gain of about $12 million for Cosco. The shares were sold to Henan Provincial Investment.
tcl sells non-core assets to focus on Tv sector
TCL Multimedia Technology Holdings, a unit of China's biggest listed consumer electronics maker TCL Corp, said yesterday it had agreed to sell some non-core assets to its parent for $377 million cash to focus on its television business. The company, which teamed up with France's Thomson to create the world's largest manufacturer of television sets in 2003, will sell its personal computer and web education businesses to a subsidiary of its parent. The deal is subject to shareholder approval.