Saturday, April 11, 2009

Great Hall merger

CHINA Satellite Communications Corp officially became a fully owned subsidiary company of the China Aerospace Science and Technology Corp after a merger ceremony held in Beijing's Great Hall of the People yesterday. Total assets of China Satcom transferred to CASC came to 6.6 billion yuan (US$965.81 million). The merger was planned by the State Council as a way to deepen reforms in the country's telecommunications industry.

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