CIBL Inc. of Reno has sold its cable television subsidiary in eastern Kansas for $2.1 million in cash.
The company said it sold the cable TV properties to Giant Communications Inc., a telecommunications company that's a competitive local exchange carrier.
The parent company of Giant Communications Inc. is LICT Corp. of Rye, N.Y. CIBL was spun off from LICT Corp. in 2007 and established its headquarters in Reno in 2008.
CIBL Corp. said the $2.1 million price tag for the Kansas operations translates into approximately $80 a share for its shareholders. The company, whose stock is traded on the Pink Sheets, has about 25,000 outstanding shares.
The thinly traded shares were quoted last week at $350, up $28 a share after the announcement of the sale of the cable properties.
The cable operations serve about 2,000 subscribers, CIBL said in a filing with the Securities and Exchange Commission last autumn.
The company also owns minority interests in two cellular communications providers in western New Mexico and holds interests in two broadcast television stations in Iowa and Illinois.
In a press release, CIBL said it is looking for ways of "enhancing and optimizing" the value of its remain holdings.
During the first nine months of last year, the most recent period for which figures are available, CIBL reported earnings of $896,000
