HONG KONG (Indonesia Today) – China Telecom Corporation Limited has agreed to acquire certain assets and associated liabilities relating to the CDMA Network held by China Telecommunications Corporation for RMB84.59 billion or about HK$103.67 billion.
In 2008, China Telecommunications Corporation had agreed to acquire the CDMA network constructed by Unicom New Horizon Telecommunications Company Limited (previously known as Unicom New Horizon Mobile Telecommunications Company Limited) from China United Network Telecommunications Group Co., Ltd (previously known as China United Telecommunications Corporation) and Unicom New Horizon for a consideration of RMB66.2 billion.
China Telecommunications Corporation owns the CDMA Network assets through certain network branches in the Listed Service Areas in China and has been continuously investing in the CDMA Network, upgrading and expanding its network coverage and subscriber base across China since the acquisition, which is now the largest CDMA network worldwide.
The CDMA business generated operating revenues of RMB18.35 billion and operating loss of RMB3.7 billion last year. (Indonesia Today)