Ningbo Bird to Cease Mobile Phone Venture with Sagem
March 07, 2008
Ningo Bird recently announced that it will sell its entire 50% stake in joint venture Ningbo Bird Sagem Electronics to its French partner Sagem Mobile. Value of the deal is estimated at 159 million RMB (US$22.4 million; US$1=7.1 RMB), SinoCast China Business Daily News reported.
As part of Ningbo Bird's attempts to streamline its mobile phone business, the proposed deal is expected to be finalized after the company's shareholder meeting, to be held on March 17. Should this deal be approved by the shareholders, the joint venture will become Sagem Mobile's wholly-owned subsidiary.
Aside from the said proposal, Ningbo Bird recently sold 100% and 23% of its two affiliates, Ningbo Sagem Bird Research and Development and Chongqing Bird Technology, to Sagem Mobile and Chongqing Ruisida Technology Development, respectively.