China Netcom Group Completes Sale of Asia Netcom.HONG KONG -- On August 22, China Network Communications Group Corporation ("China Netcom Group") and China Netcom Group Corporation (Hong Kong) Limited (HKSE HKSE Hong Kong Stock Exchange : 0906; NYSE NYSE See: New York Stock Exchange : CN) completed the sale of their equity interest in Asia Netcom Ltd. and East Asia Netcom Ltd. to a consortium led by Ashmore and Spinnaker. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the transaction were USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 402 million. The sale of the assets is critical to the development of China Netcom Group's international strategy, and demonstrates the ability of state-owned assets to create and retain value. China Netcom Group believes the transaction will be a win-win situation for both parties, and plans to continue its strategic partnership with Asia Netcom. |
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