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Ten Alps drops Asia division

Bob Geldoff-back UK indie group Ten Alps is disposing of its Asian publishing arm just over two years after launching it.

The group is selling its 65% stake in Ten Alps Communication Asia for about £600,000 (US$941,000).

The stake will be picked up by its CEO Raymond Wong from Karay Holdings, the company’s minority shareholder.

In a statement to the UK stock exchange today, Ten Alps said the move was part of a renewed focus on its British publishing business.

The group’s chairman Peter Bertram said: “As I have stated we planned to streamline the company in three core sectors of TV, publishing and corporate social responsibility with greater focus on the UK market, particularly for publishing.

“This disposal helps us to manage our portfolio more efficiently and means we now have 100% interest in all our subsidiaries.”

Ten Alps Communication Asia reported revenue of £2.31m in the year to March 31 and earnings before tax of £188,000.

Ten Alps Communication Asia was formed in 2010 following the acquisition of publishing assets from Reed Business Information Asia under previous Ten Alps CEO Adrian Dunleavy, who left the company in March this year.

Ten Alps is currently trying to reduce its bank debt, which currently stands at £4.43m following a £13m loss in 2010 caused by the loss of a government funding deal for its Teachers TV service.

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