Saturday, April 04, 2009

China Mobile cancels plan to sell shares

CHINA Mobile Ltd canceled plans to sell shares to domestic investors because of the poor market environment, reported, citing Chairman Wang Jianzhou, who attended the China Development Forum 2009 in Beijing on Saturday.

Wang also said China Mobile is seeking opportunities for overseas expansion. The telco has two advantages in international competition, Wang said. "One is the large company scale, which could help lower costs in purchase and management. The other is its experiences in emerging markets."

In 2007, the firm acquired Paktel Ltd, a Pakistani telecommunications operator, for US$460 million. Both network building and sales have been "much improved" since China Mobile took over the company now renamed as CMPak, Wang said.

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