ChinaTel may buy cellular networks from parent

By Bloomberg, CNET News.com
Friday, June 16, 2000 09:56 AM
HONG-KONG--China Telecom (Hong Kong) Ltd, the Hong Kong-listed unit of China Mobile Communications Corp, China's largest mobile phone operator, may buy at least seven more provincial cellular networks from its parent as early as the third quarter of this year.

The report, by the Hong Kong Economic Times, cited unidentified people.

The company may seek outside funding of HK$78 billion (US$10 billion) to finance those acquisitions, Ming Pao Daily reported, citing unidentified analysts who have talked to the company's officials.

China Tel currently owns six cellular networks in China, while its parent still owns 25 provincial networks.

China Unicom Ltd, ChinaTel's main competitor, will price its shares on Friday for its initial share offer of 2.459 billion shares.

ChinaTel fell 6.4 percent in the past three days, closing at HK$62 (US$7.95) on Wednesday.


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