WRI restructures telecommunications assets
Beijing. September 20. INTERFAX-CHINA - Wuhan Research Institute of Post Telecommunications (WRI), a state-operated telecommunications research institute, will merge its optical component making subsidiary Accelink Technologies Co. Ltd. with fellow fiber optic unit FiberHome Communication Technology Co. Ltd., Accelink announced Sept. 20.
According to the announcement, FiberHome will receive a 46.25 percent stake in Accelink, but will not be allowed to sell the shares for eleven months due to a prior agreement signed by shareholders when the company listed on the Shenzhen Stock Exchange.
In July, WRI attempted to merge Accelink with another of its subsidiaries, Wuhan Telecommunication Devices Co. Ltd. (WTD), but failed to do so due to undisclosed reasons.
Founded in 2004, Accelink generated RMB 507 million ($79.39 million) in revenue in the first half (H1) of 2011, up 10.89 percent on a yearly basis. Net profits also jumped 22.04 percent, to RMB 65.37 million ($10.23 million), over the same period.
- RL