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Article: AUSTRALIA'S AMNET SELLS TECHNOLOGY ASSETS TO FUND CHINA PUSH.
- Article from:
- AsiaPulse News
- Article date:
- October 3, 2003
CopyrightCOPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, Oct 3 Asia Pulse - Listed IT outfit Amnet Ltd (ASX:ATT) has sold its technology assets to Amcom Telecommunications Ltd for A$2 million (US$1.37 million) to fund its push into China's private education sector.
Amcom, a listed broadband operator, will pay between $1.5 and $2 million in cash for the ISP and other IT assets of Amnet, depending on certain performance outcomes, and issue shares or more cash to take the total sale price to A$2.25 million (US$1.54 million).
Amnet said its directors had been considering the future direction of the company, particularly given its presence in the Chinese private education sector, and whether to continue in ...