PT eyes Asia

29 Jul 2005

Portugal Telecom has revealed that it is following its Spanish counterpart Telefónica and investing in the Chinese telecoms market. The Portuguese firm has created a new holding company, PT Asia, to manage its existing interests in Macau and Timor. The new unit will also act as a platform for an expansion in the region. Portugal Telecom is investing EUR10 million to acquire a 66% stake in China Pathway Logistics, a firm which is working alongside the Chinese government in a venture named Archway to develop location-based services in China.