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Lenovo b escort in beijing uys back Lenovo Mobile Communication Technology
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Lenovo buys back Lenovo Mobile Communication TechnologyPublished: 29 Nov 2009 20:08:08 PST
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Nov. 30, 2009 (China Knowledge) – Lenovo Group Ltd<0992><LNVGY> said that it is repurchasing the entire interest of Lenovo Mobile Communication Technology Ltd from a group of investors led by Hony Capital, the private equity arm of Legend Holdings, in a move to gearing up its efforts in the fast-growing mobile Internet market in China.
Lenovo is expected to spend approximately US$200 million to settle the deal. Lenovo Mobile now ranks third in China’s mobile handset market and is the No. 1 domestic brand. The deal is still subject to the approval from Lenovo’s independent shareholders.
Lenovo’s global PC business maintains a steady growth, and the mobile Internet market is a key growth opportunity moving forward globally, said Yang Yuanqing, CEO of Lenovo, adding that Lenovo has prepared itself in this field.
Lenovo posted US$53 million in net profit for the latest quarter, compared with US$16 million of loss in the second quarter of this year. Earnings per share were 0.59 US cents during the period, and the firm declared an interim dividend of about 0.13 US cents.
Lenovo’s sales revenue for the period from July to September was US$4.1, up 5% year on year or 19% quarter on quarter. The firm’s net cash reserves were US$1.8 billion as of the end of September, China Knowledge reported earlier.
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