Longcheer Holdings to sell mobile unit for $48 million

SINGAPORE - China-based Longcheer Holdings will sell its wholly-owned mobile telecommunications unit Mobell Technology for 240 million yuan (S$48 million).

The buyer is First Prosperous International, a unit of Chinese firm Kun Shan Long He Investment Management.

The sale is conditional upon the company distributing 450 million yuan from its total distributable profits and retained earnings, as well as from the sale proceeds, as a cash dividend to shareholders.

Shareholders will have to approve the proposed special dividends before the sale can go ahead.