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Strategies & Market Trends : Greater China Junior Stocks

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From: ~digs	12/7/2005 11:05:58 PM
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[SNMD.OB] SUN NEW MEDIA INC › 3.42 +0.0 (0.00%) stockcharts.com[w,a]daclyiay[pc40!c200!f][vc60][iut!La12,26,9!Ll14]&pref=G Dec. 7, 2005 (PRIMEZONE) -- Sun New Media Inc. (OTC BB:SNMD.OB - News) (SNMI) today announced an agreement with its parent company Sun Media Investment Holdings, Ltd. (``Sun Holdings'). Under the agreement, SNMI will purchase 75 million common shares of Sun Business Network (``SBN') from Sun Holdings. SBN is a publicly traded company on the Singapore Stock Exchange. Once the transfer is complete and pending the closing of a previously announced transaction between SNMI and SBN, SNMI will control 29% of the publicly traded shares in SBN. As part of the agreement, Sun Holdings will also grant SNMI limited use-rights to a 32,440 km fiber-optic network in the People's Republic of China. biz.yahoo.com

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