China Mobile acquires outstanding Paktel shares

16 May 2007

China Mobile Ltd, the Peoples Republic’s largest wireless operator by subscribers, said yesterday that its parent, state-owned China Mobile Communications Corp, had upped its stake in Pakistani cellco Paktel to 100%. Paktel will be renamed CMPak. In February 2007 Millicom International Cellular (MIC) sold its 88.86% stake in Paktel to China Mobile Communications Corp for USD284 million in cash. The remainder had been owned by the Arfeen Group (10%) and a few individuals.

Pakistan, China Mobile, Zong (CMPak)