China Mobile Parent Buys 100% Of Pakistan Paktel For US$460 Million
HONG KONG -(Dow Jones)- China Mobile Ltd., the country's biggest mobile-phone operator by subscribers, said Wednesday its parent, state-owned China Mobile Communications Corp., bought 100% of Pakistan telecommunications operator Paktel Ltd. for US$460 million and renamed it CMPak Ltd.
"The parent company plans to invest US$400 million in Pakistan this year to expand the (CMPak) networks," China Mobile Ltd.'s chairman, Wang Jianzhou, said after the company's annual general meeting.
Wang said China Mobile Ltd.'s parent made the acquisition as investors in the listed unit were wary of risk, but China Mobile Ltd. might acquire the Pakistan operation from its parent in the future.
Wang said China Mobile Ltd. doesn't have a timetable to buy CMPak.
China Mobile Communications Corp. said in March it had bought 88.9% of Paktel.
-By Lorraine Luk, Dow Jones Newswires; 852-2802-7002; lorraine.luk@dowjones.com
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Posted to the site on 16th May 2007