QXMCQiao Xing Mobile Communication (China)
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Meanwhile it is making efforts to divest its existing mobile phone business through the privatization of its QXMC subsidiary or via other alternatives to become a pure-play resources company.
The Company noted that the Special Committee of QXMC has not yet indicated whether it will recommend that the minority shareholders accept the proposed offer.
This proposed acquisition is on-going and its completion shall be subject to several conditions including approval from a majority of the minority shareholders of QXMC.
As of September 30, 2010, QXMC and its subsidiaries held US$412.
With the expected completion of the proposed privatization of QXMC, XING expects to have strong financial resources for the future acquisition of more mines and ultimately become a "Pure Resources, Bigger Player".