New | SIS International releases details of mobile phone unit spin-off

Information technology firm SIS International has unveiled details of its plan to spin off wholly owned mobile phone distribution unit SiS Mobile with a listing on Hong Kong’s main board.

Shares will be distributed to registered shareholders as of January 12 in the form of a special interim dividend of 32 SiS Mobile shares for every 100 SIS International shares held.

Some 88.67 million SiS Mobile shares, representing 31.67 per cent of its enlarged share capital after the separate listing, are expected to be issued and distributed.

The plan is subject to approval by the stock exchange.

SiS Mobile recorded a net profit of HK$33.49 million last year, and a net profit of HK$44.7 million in 2012.

SIS International said in October the separate listing would enable investors to better understand its businesses, enhance its capacity to raise financing and lead to more direct alignment of management accountability.