ZTE Sells Its 68 Percent Stake In ZTEsec To 10 Chinese Investment Companies

Posted on Oct 17 2012 - 6:59am by Editorial Staff

In a Reuters report Tuesday, ZTE has sold its own 68 percent stake in ZTE Special Equipment (ZTESec), the service which offers surveillance systems. The decision was taken on September 21 during the U.S. Congressional committee investigations into the company and rival Huawei Technologies. While, a Hong Kong Stock Exchange filing back in September confirmed the sale.

The ZTESec stake being sold to total of 10 Chinese investment companies including Shenzhen Capital Group in a deal worth between 360 million yuan (US$57 million) and 440 million yuan (US$70 million). The deal will allow ZTE to “focus its resources on its principal businesses in line with the requirements of its strategic development.”

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