Red chip Stone Electronic Technology is seeking to acquire stakes in two mobile telephone joint ventures from the Ministry of Posts and Telecommunications, sources said. They said negotiations on the acquisition had been completed and work was concentrating on the final details. Stone was planning to take a portion of the ministry's shares in the two ventures with Nokia and Ericsson on the mainland, a source said. 'Both joint ventures make mobile handsets for the two international telecommunication giants,' he said. The company is expected to fund the acquisitions with the proceeds of its $240 million share placement last month. Chairman Shen Guojun declined to comment on the proposed purchase. 'No decision has been made and we are studying how to invest the money we raised last month,' he said. Finland's Nokia and Sweden's Ericsson have manufacturing joint ventures on the mainland in association with the ministry and other government departments. Nokia has nine joint ventures, while Ericsson has eight in manufacturing and research fields in the country. Another source said Stone had decided to acquire assets outside the umbrella of its parent - Beijing-based Stone Group - because the parent firm had very few profitable investments which could be injected into the listed company.