Fixed line incumbent preparing for shopping spree

2 Mar 2004

China’s largest fixed line operator China Telecom Corp has said that it has filed a ‘shelf-registration’ statement with the SEC to sell around USD1 billion of debt and equity in several stages. The company is planning to offer American Depositary Receipts via one or more share offerings, the net proceeds of which will be used to fund acquisitions and meet its short-term capital expenditure requirements. Last month China Telecom Corp begun negotiations to purchase eleven provincial phone networks from its parent China Telecom Group.