HomeChina Stock News China Netcom to buy parent’s design institute for 298 mln yuan
China Netcom to buy parent’s design institute for 298 mln yuan
Written by Administrator
Monday, 10 December 2007
BEIJING, Dec. 6 (InfoChina) – China Netcom Ltd. (0906.HK, CN.NYSE) said that its wholly-owned subsidiary China Netcom System Integration will acquire the entire equity interest of Beijing Telecommunications Design Institute from China Netcom Beijing Communications for 298 million yuan.
The acquisition is expected to take place before Dec 30, 2007, said China Netcom Ltd in a statement on HKEx.
China Netcom Beijing Communications is a wholly-owned subsidiary of China Netcom Group, the ultimate holding company of China Netcom Ltd.
With net assets of 313 million yuan at the end of September, Beijing Telecommunications Design Institute is a first-class design institute established in 1953, which designs and constructs communications network for governmental departments and commercials customers.(Edited by Chen Dongyi,
)
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