21st Aug 2013 15:32
LONDON (Alliance News) - Huntsworth PLC Wednesday said the proposed GBP36.5 million investment in the company by China-listed BlueFocus is being held up because a Chinese regulator has yet to approve it.
The company said BlueFocus has already got approval for the investment from the National Development and Reform Commission of the People's Republic of China, but is experiencing a delay getting approval from the State Administration of Foreign Exchange of the People's Republic of China for the parent company guarantee it needs for the subscription agreement.
"As a result, the company is not yet in a position to send a circular to its shareholders but still expects to be able to convene a general meeting to approve the subscription in September and to complete the subscription shortly thereafter," Huntsworth said in a statement.
BlueFocus is a China-listed communications company.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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