China Telecom Corp to buy networks from its parent

17 Feb 2004

China’s biggest telco, China Telecom Corp, is involved in talks with its state-owned parent China Telecom Group to buy more of its networks, although it may have to sell new shares to finance the purchase. China Telecom Corp paid CNY46 billion (USD5.56 billion) to its parent last October to buy six networks, taking its total to ten. It is now looking to acquire the remaining eleven networks, which provide telephone services to around 45 milion users in some of the country’s poorest provinces – including Gansu, Guizhou, Ningxia, Qinghai and Xinjiang.