Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200812/20081217/article_384793.htm
Unicom agrees to buy assets
Created: 2008-12-17 0:52:38
Author:Wendy Leung
CHINA Unicom (Hong Kong) Ltd, the country's second-biggest mobile-phone carrier, agreed to buy telecommunication assets from its parent for 6.43 billion yuan (US$939 million) to gain access to the southern China market.
The assets are telecom businesses in 21 Chinese provinces and regions, China Unicom said in a statement to Hong Kong's stock exchange yesterday.
They include the local access telephone business and other assets in the north China's Tianjin.
Unicom will be able to enter "the densely populated south China market" and enhance its fixed-line operations with the acquisition, it said. The company bought China Netcom Group Corp, the dominant fixed-line service provider in 10 north China's cities and provinces, including Beijing and Tianjin, in October, as part of a government plan to let carriers offer wireless and traditional phone services, Bloomberg News said.
It will lease the telecom networks from its parent in south China, the statement said.
China Unicom will acquire the assets from parent China United Telecommunications Corp and China Network Communications Group Corp.
The assets are telecom businesses in 21 Chinese provinces and regions, China Unicom said in a statement to Hong Kong's stock exchange yesterday.
They include the local access telephone business and other assets in the north China's Tianjin.
Unicom will be able to enter "the densely populated south China market" and enhance its fixed-line operations with the acquisition, it said. The company bought China Netcom Group Corp, the dominant fixed-line service provider in 10 north China's cities and provinces, including Beijing and Tianjin, in October, as part of a government plan to let carriers offer wireless and traditional phone services, Bloomberg News said.
It will lease the telecom networks from its parent in south China, the statement said.
China Unicom will acquire the assets from parent China United Telecommunications Corp and China Network Communications Group Corp.
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