Tower firm shares to be publicly traded

25 Jul 2014

China Communications Facilities Services Corporation Ltd, the tower management company established by China Mobile, China Unicom and China Telecom will take private capital and list on public markets, Reuters quotes the Shanghai Securities News as saying. No timeframe was given for the plan, although a Ministry of Industry and Information Technology (MIIT) official noted that only having the trio of carriers as shareholders was a ‘temporary arrangement.’ As previously noted by CommsUpdate, the three network operators signed an agreement earlier this month to establish a joint infrastructure management firm to cut operating and rollout costs. The new company was created with share capital of CNY10 billion (USD1.62 billion), with China Mobile subscribing to 4.00 billion shares, China Unicom to 3.01 billion and China Telecom to 2.99 billion, equating to shareholdings of 40.0%, 30.1% and 29.9% respectively. The providers are still at a preliminary stage in determining the injection of assets into the new company, though.

China, China Mobile, China Telecom Corporation, China Unicom