Casil Telecommunications to buy Winfull Hi-Tech

Casil Telecommunications Holdings, a telephone equipment maker, has agreed to buy Winfull Hi-Tech for HK$21 million to break into China''s GPS market.
Casil Telecommunications Holdings, a maker of telephone equipment products, has agreed to buy Winfull Hi-Tech Investment, a maker of vehicle global positioning systems, for HK$21 million $2.7 million in cash and stock in a new Casil unit.

Hong Kong-based Casil, whose parent company is China Aerospace International, a Beijing electronics and real estate company controlled by the government, has seen its stock plummet 65% to HK$0.73 from a peak of HK$2.07 in March. In 1999 the company lost HK$193.4 million and is hoping its investment in Winfull will help lift earnings.

Winfull is a Beijing-based company that makes global positioning systems. It owns 78% of Beijing Qihua, a company that...

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