Quick review at company events Nov 13-19
(China Daily)Updated: 2006-11-20 09:04
Mobile phone distribution
Motorola Inc, the world's number two handset maker, said last week it will sell mobile phones with a total value of US$1.6 billion to a Shenzhen-based distributor next year.
The company will provide 12 million mobile phones to Shenzhen Telling Telecom Development Co to reinforce its competition in the world's biggest handset market. Telling, founded in 1996, has 30 branches nationwide and more than 3,000 employees. It is the distributor for Motorola, Nokia, Samsung and Sony Ericsson.
Raising cash
Guangdong Kelon Electrical Holdings Co, China's biggest refrigerator maker, announced last week it plans to sell some of its land and factories to repay bank loans, raise cash to maintain operations and stave off the delisting of its shares.
The company has offered to sell its seven parcels of land in Foshan, in South China's Guangdong Province, expecting to raise 179 million yuan (US$22.8 million). The revenue will be used mainly to pay back bank loans. The rest will finance the company's production and sales operation.
Shanghai logistics centre
Hong Kong-based logistics company Kerry EAS Logistics Ltd said last week it plans to invest up to 120 million yuan (US$15 million) to expand its Shanghai logistics centre to catch up with rising market demands.
The company hopes to enlarge its logistics centre by at least 50 per cent at
the end of this year, with investment ranging from 60 million yuan (US$7.5) to
120 million yuan. It will buy a 66,667 square metre plot of land near Caohejing
Pujiang High-tech Park for the new centre.
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