China Telecom Group sells equities in 37 affiliated units
Written by Administrator
Wednesday, 18 April 2007
BEIJING, April 18 (InfoChina) – China Telecommunications Corporation (China Telecom Group) newly quoted 37 industrial assets items for sale on the China Beijing Equity Exchange, indicating the company is gathering pace to split off its non-core business assets, said West China City Daily.
The equities are in 37 affiliated units of the group in Sichuan, Xinjiang, Jiangxi, Chongqing, Guangdong, Shanghai, Shandong, Jiangsu, Yunnan, Guangxi, Guizhou and Gansu, involving 266 million yuan in total.
The quotations are scheduled to end on April 20.
China Telecom Group is the parent company of China Telecom Ltd. (NYSE: CHA, 0728. HK) and China Communications Services Co., Ltd. (0552. HK) (CCS). Before that, CCS plans to complete acquisition of industrial assets from the group in Jiangsu, Guizhou, Hunan, Anhui, Jiangxi, Sichuan and Guangxi. At present, CCS has its business scale covering Shanghai, Guangdong, Zhejiang, Fujian, Hubei and Hainan, which the group maintains its telecom industrial assets in 15 provinces.
Ni Yong, an analyst with Everbright Securities, said the public transfer of this batch of assets will help the seller get more reasonable price. And it will not affect the assets acquisition scheme of CCS, because it is classified according to enterprises but not provinces. (Edited by Li Xiaoyu,
)
China Stock News 
