China Mobile Parent Keen on M&As in Asia, Not Europe

BEIJING -(Dow Jones)- China Mobile Communications Corp. Chief Executive Wang Jianzhou said Wednesday the mobile carrier is interested in mergers and acquisitions in Asia, but not in Europe.

China Mobile, the state-owned parent of China Mobile Ltd., has repeatedly said it wants to expand abroad.

Wang's remarks come as the U.S. subprime woes are hurting global markets, potentially making deals more attractive to China Mobile as share valuations become cheaper.

Last year, the company bought 100% of Pakistan telecommunications operator Paktel Ltd. for US$460 million and renamed it CMPak Ltd.

Wang said China Mobile will invest US$800 million in its Pakistan unit this year, the same level as last year.

He said China Mobile spent US$400 million to clear up CMPak's books and a further US$400 million on its business operations last year.

-Renya Peng contributed to this story; Dow Jones Newswires; 8610 6588 5848; renya.peng@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 5th March 2008