Media tycoon Jimmy Lai Chee-ying has sold part of Admart in an attempt to cut losses at his privately owned direct-sales operation.
Admart unit e-zone, which sells mobile phones and provides communications services, yesterday announced Mr Lai had sold all his interest in it.
The company said the buyer of Mr Lai's holding was a joint venture formed by Singapore-based mobile-phone retailing chain operator Handphone and local electronics-maker Titron group.
It did not disclose the terms of the transaction.
Launched late last year, e-zone at present has 23 outlets in Hong Kong.
The chain, previously also branded as Admart, was rebranded in May after a series of negative news reports about the direct-sales venture such as unknowingly selling fake cognac and red wine.
