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Chengdu Putian Telecom to spend 300m yuan on new projects(Business Daily Update Via Thomson Dialog NewsEdge)Hong Kong-listed Chengdu Putian Telecommunications Cable Co said a majority of its shareholders approved resolutions last Thursday, including one giving the go ahead to investments of about 300 million yuan in new projects. Chairman Xu Mingwen said in a statement that the new projects include the development of light-emitting display products. He said shareholders also approved the sale of its headquarters in the Hi-Tech Development Zone in Chengdu, Sichuan for 793.06 million yuan. Of the net sales proceeds of about 611.94 million yuan, 300 million yuan has been earmarked for new projects, 180 million yuan for the relocation of Chengdu's head offices, including buying land and building new offices, and about 131.94 million yuan as additional working capital. |