Nanfang Communication to sell Target Company shares for $25.2m

Nanfang Communication Holdings Limited (HKEX:1617) announced a "very substantial disposal" of its shares in Target Company. Subsidiary Pacific Smart has conditionally agreed to sell its stake, representing approximately 4.00% shareholding, to an indirect subsidiary of Dongshan Precision for US$25,181,055.41. Trading in Nanfang Communication shares, halted on June 16, is set to resume on June 24. The disposal is classified as a very substantial one under the Listing Rules, requiring notification, announcement, and shareholder approval. An EGM will be convened. The company expects to record a gain of RMB18.0 million from the disposal. Net proceeds of approximately RMB179.3 million will be used for general working capital.