China Telecom may sell as much as $1 billion in stock, Bonds

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Last updated at: (Beijing Time) Tuesday, March 02, 2004

China Telecom may sell as much as $1 billion in stock, Bonds

China's biggest fixed-line phone company, China Telecom, says it may raise as much as 1 billion US dollars selling stock and bonds to help finance its business.

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China's biggest fixed-line phone company, China Telecom, says it may raise as much as 1 billion US dollars selling stock and bonds to help finance its business.

The sale may include new Class H shares, which are traded in Hong Kong, American depositary shares and bonds that can be converted into the company's stock.

China Telecom paid 5.6 billion dollars in cash last year to buy six provincial phone networks from its state-owned parent.

It was in talks to buy more networks from China Telecommunications Corporation. The purchase could be worth as much as 7.7 billion dollars.

Source:Xinhua

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