China Electronics Corporation (CEC) (0759.HK) announced today that it will spend CNY22 million to purchase 48% of CECW's shares. After the deal goes through, CECW will become one of CEC's mobile phone research centers.
According to CEC, an agreement regarding the acquisition was signed on April 4 by CEC's wholly-owned company, China Electronics Industry Engineering Company. The entire transaction will be handled in cash.
CECW's headquarters is located in Beijing, where it is engaged in mobile phone, communications equipment and systems engineering technology research and development. The company also dabbles in design for GSM, GPRS and UMTS platform and terminal products.