Telecom negotiates for parent’s networks

15 Jul 2003

Hong Kong-listed Chinese fixed line services provider China Telecom Corp [0278.HK] is reported to be in talks to buy six provincial networks from its parent company China Telecommunications Corp. The subsidiary is interested in acquiring assets in Anhui, Fujian, Jiangxi and Sichuan, as well as the networks in Chongqing City and the autonomous region of Guangxi Zhuang. China Telecom is considering its options for purchasing the networks, including using part of the USD1.52 billion raised through last year’s IPO.