logo
Share SHARE
FONT-SIZE Plus   Neg

Comverse Technology To Distribute Subsidiary's Shares To Shareholders

Comverse Technology Inc. or CTI (CMVT,CMVT.PK) Wednesday announced its plans to distribute all the shares of its wholly-owned subsidiary, Comverse, Inc., to its shareholders on a pro rata basis.

CTI is currently exploring the most efficient method of distribution and expects the distribution to occur in the second half of fiscal 2012. The company is also exploring alternatives to eliminate its holding company structure.

The distribution is subject to number of conditions including approval of CTI shareholders. After completion of the proposed distribution and prior to effect of any transaction that would eliminate the CTI holding company structure, current CTI shareholders would continue to hold their equity in CTI as well as own 100 percent of the equity of Comverse.

Tuesday, Comverse shares closed at $6.55 on the Nasdaq.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
French car maker Renault SA reported Friday higher profit in its fiscal 2015, with strong growth in automotive profit and revenues. The company announced higher dividend. Looking ahead, for fiscal 2016, Renault expects to increase group revenues at constant exchange rates and improve group operating margin. Shares of Rolls-Royce Holdings Plc were gaining around 13 percent in the morning trading in London after the engine maker reported more-than doubled profit in its fiscal year 2015, with lower one-time items. Underlying earnings were hurt by weakness in Marine markets. Further, the company halved its dividends, and still expects lower revenues next year. German steel giant ThyssenKrupp AG reported a loss in its first quarter, compared to last year's profit as sales and orders were hurt by sharp deterioration in materials businesses. The company said its overall performance in the first quarter was within its full-year forecast corridor. Looking ahead, the company continues to expect higher net income and flat sales for fiscal 2016.
comments powered by Disqus
Follow RTT