Category: subsidiary

China Evergrande CEO, CFO Resign Amid Probe Into Subsidiary

July 23, 2022
Business & MarketsCEOChinaChina Business & EconomyCompanieseconomyevergrandePan DarongResignsubsidiaryXia Haijun
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NEW YORK—Struggling Chinese real estate developer China Evergrande has announced that its chief executive and chief financial officer have resigned after initial findings in a probe found $2 billion belonging to its property unit subsidiary was redirected back to the group. The news, announced Friday, comes as the company is already saddled with $310 billion…

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KKR, Allianz, Axa to Bid on Red Electrica’s Fibre Unit, Expansion Says

October 12, 2021
auctionBusiness & EconomyCompanieselectricity gridInvestmentMarketssubsidiary
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MADRID—KKR, Axa, and Allianz will participate in an auction for a 49 percent stake in the fiber-optic subsidiary of Spanish grid operator Red Electrica, newspaper Expansion reported on Monday, citing unnamed sources. The subsidiary, known as Reintel, could fetch between 1.2 billion euros and 1.3 billion euros ($1.4 billion-$1.5 billion), Expansion said, citing financial sources….

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Teleco Giant Telstra Announces Next Step in Restructuring Plan

March 22, 2021
AustraliaBusinessfinanceSharessplitsubsidiarytelecomtelecommunicationsTelstraWorld
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Telstra is taking the next steps in its proposed corporate restructure with the telecommunications giant set to split into four branches under the new holding company, Telstra Group. The process is part of Telstra’s T22 strategy—a strategy started in 2018 to simplify operations and reduce costs by 2022. Telstra CEO Andrew Penn said in a market…

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Telco Giant Telstra Announces Next Step in Restructuring Plan

March 22, 2021
AustraliaBusinessfinanceSharessplitsubsidiarytelecomtelecommunicationsTelstraWorld
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Telstra is taking the next steps in its proposed corporate restructure with the telecommunications giant set to split into four branches under the new holding company, Telstra Group. The process is part of Telstra’s T22 strategy—a strategy started in 2018 to simplify operations and reduce costs by 2022. Telstra CEO Andrew Penn said in a market…

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