China Unicom Purchases 9 Mainland Mobile Networks

Home>>Business

Last updated at: (Beijing Time) Friday, November 22, 2002

China Unicom Purchases 9 Mainland Mobile Networks

DISCUSSION

CHINESE

SEND TO FRIEND

China Unicom Ltd Thursday announced it is buying nine mainland mobile networks from its parent, China United Telecommunications Group, for 22.5 billion yuan (2.73 billion US dollars), local media reported.

The purchase comprises 4.8 billion yuan (583 million US dollars) in cash and 17.7 billion yuan (2.15 billion US dollars) of debt. Industry analysts have forecast a total consideration the range of22-23 billion yuan.

The GSM networks are in the northeastern Heilongjiang and Jilin provinces, the central Henan province and Shaanxi province in the north, Jiangxi Province and Guangxi Zhuang Autonomous Region in the south, Sichuan Province and Chongqing Municipality in the southwest and Xinjiang Ugur Autonomous Region in the west.

The networks generated combined net profits of 323 million yuan(39 million US dollars) in 2001. China Unicom said in a statement that it expects this to rise to at least 460 million yuan (56 million US dollars) this year and 650 million yuan (79 million US dollars) in 2003.

Questions?Comments? Click here

China Pushes Use of Ethanol as Fuel ( 7 Messages)

Eight Opportunities before China Within Upcoming 20 Years ( 2 Messages)

Sino-US Relations Improve Despite Neo-realism ( 9 Messages)

Cabbage Tells Changes of Beijingers' Life ( 4 Messages)

Advanced Real-time Simulation Computer Passes Appraisal in Central China ( 2 Messages)