Longcheer selling Mobell Technology for 240m yuan
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LONGCHEER Holdings is selling its wholly owned subsidiary Mobell Technology for 240 million yuan (about S$48 million) to a company controlled by Longcheer's executive directors. Part of the net proceeds of the sale, estimated at 237.3 million yuan, will be distributed to shareholders, Longcheer said yesterday.
The board is proposing a special one-tier tax-exempt dividend of S$0.114 per share out of retained earnings and a special one-tier tax-exempt dividend of S$0.142 per share out of net proceeds of the proposed sale.
This is subject to shareholders' approval, the sale's completion and any other regulatory approvals or requirements.
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