NEC injects 225 million dollars into China cellphone subsidiary
The capital injection raised the subsidiary`s total capital to 248 million dollars
Tokyo (ANTARA News) - Japan`s NEC Corp said Friday it had injected 225 million dollars into its wholly owned cellular phone subsidiary in China as part of measures aimed at reviving its loss-making mobile operations there.
The capital injection raised the subsidiary`s total capital to 248 million dollars, said an NEC spokesman, who declined to be identified.
He said the funds will be used to cover losses stemming from the firm`s decision to reduce sales outlets to 2,000 from 2,500 and to trim the number of phone models it offers to 15 from 30.
NEC`s mobile phone sales in China reached about two million units in the year to March 2006, which was unchanged from the year before and was well short of its target of three million units, the spokesman said reporting AFP.(*)