KUALA LUMPUR: REDtone International Bhd's indirect unit, REDtone Telecommunications China Ltd has invested in two new subsidiaries incorporated in The People's Republic of China.
In a filing to Bursa Malaysia today, the company said it had subscribed to a 49.8 per cent equity interest in Shanghai YuZhong Financial Information Service Co Ltd for 398,400 yuan on September 11, 2014.
It also invested 200,000 yuan to take up a 20 per cent equity interest in Shanghai YuGuang Automobile Inspection Technology Co Ltd.
The investment would pave the way into a one-stop motor vehicle inspection business in Taizhou City in Jiangsu Province.
The statement also said the venture would contribute to the long-term revenue and profits of the group, enhance growth potential via its China subsidiaries and business diversification in China.-- Bernama