--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Chinese Women
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar
Trade & Foreign Investment

Hot Links
China Development Gateway
Chinese Embassies

China Netcom to Buy Four Provincial Networks at US$1.58b

The China Netcom Group Corp (Hong Kong) Ltd is paying 12.8 billion yuan (US$1.58 billion) to buy four provincial networks from its state-owned parent company.

Tian Suning, board chairman of China Netcom, made the announcement Monday evening while reporting on the first-half performance of the company.

Under the terms of the deal, China Netcom will assume 23.2 billion yuan in debt while buying the networks in the provinces of Jilin, Heilongjiang, Shanxi and Inner Mongolia, making the total cost 36 billion yuan.

China Netcom, a listed subsidiary company of the state-owned China Network Communications Group,dominates fixed-line phone systems in northern China. The company had 29 million fix-line subscribers by June.

On Monday, China Netcom posted a 30.4 percent rise in six month net profits to 6.36 billion yuan, with its sales volume growing 5 percent to 33.7 billion yuan during the same period.

Triggered by its sound performance, shares of China Netcom at one point rose by 4.2 percent to 13.70 HK dollars on Monday.

(Xinhua News Agency September 14, 2005)

China Netcom Profits Up in First Half Year
China Netcom Consolidates Position
China Netcom Announces First Profits
Netcom to Buy 20% Stake in PCCW
Netcom Unit Expands Network Coverage
Netcom IPO Enhances Expansion
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688