China Unicom restructuring postponed

25 Jun 2008

China Unicom has announced that the sale of its CDMA network to China Telecom will be delayed until no later than 31 August, writes Pacific Epoch. The original deadline for the submission of the details of the sale was 23 June. Unicom said that the terms of the deal are expected to remain unchanged: namely, that China Unicom will sell its CDMA network to China Telecom for a total of RMB110 million (USD16.03 million). China Unicom and China Netcom also jointly announced that the submission of a detailed plan for their proposed merger will be delayed until 16 September at the latest; the original timeline called for the plan to be submitted by 7 July.

China, China Telecom Group, China Unicom