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Shanghai listed China United Telecommunications Co. Ltd., or China Unicom (600050.SH), said it would merge two of its key units on the mainland: Unicom New World Telecommunications Co. Ltd. and China Unicom Co. Ltd.
State media said the two companies were initially set up to facilitate the transfer of assets from the State-run corporate parent to the Hong Kong and New York-listed China Unicom Ltd. With the successful listing of China Unicom those operations could now be streamlined.
The Shanghai-listed company is a unit of the country's second largest wireless carrier, China United Telecommunications Corp. (Unicom Group). China United indirectly controls the Hong Kong and U.S. listed firm.
Unicom New World Telecommunications, which operates mobile networks in western China, will be merged into China Unicom Co. Ltd., operator of networks in north and south China and a provider of Internet and long distance telephone services.
China Unicom Co. would assume the debts of Unicom New World as sell as the operations, the company said in a statement filed with the Shanghai Stock Exchange.
The merger has obtained initial approval from the Ministry of Commerce, the company said.
(Shenzhen Daily November 11, 2004)
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