Taihan Electric Wire to offload Mongolian firm stakes
Wednesday, Sep 08, 2010
South Korea's second-largest wire maker, said Tuesday that it decided to sell all its shares in two Mongolian firms for 22.5 billion won (US$19.1 million) to bolster the company's liquidity condition. The company will sell its 22.82 per cent stake in UNITEL CORP., Mongolia's third-largest mobile communication operator, for 15 billion won on December 31, it said in a statement.* The wire maker will also cut its 30.77 per cent stake in Mongolia-based SKY RESORT for 7.5 billion won at the end of 2010, it said.
* MCS GROUP, the largest shareholder of Unitel and Sky Resort, will buy the shares from Taihan Electric.
Source: Taihan Electric
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