Mumbai

Huawei to sell stake in undersea cable unit

Shanghai: Huawei will sell its majority share in a submarine cable unit, the stake’s buyer announced Monday, amid a US-led drive to isolate the Chinese telecom giant from global information networks over spying fears. US President Donald Trump has attacked Huawei in recent months, urging allies to boycott its products and blacklisting the Chinese firm from buying some US software. Undersea cables are vital to global internet traffic.

The 51 percent stake in Huawei Marine Networks will be bought by Hengtong Optic-Electric, an optical-cable manufacturer based in eastern China’s Jiangsu province, according to a filing with the Shanghai Stock Exchange. Huawei Marine Networks is a joint venture between Huawei and UK-based undersea cable firm Global Marine Systems.

Article source: https://www.freepressjournal.in/business/huawei-to-sell-stake-in-undersea-cable-unit/1539131

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