China Mobile to invest 0 million in Pakistan

Boao, China, Apr 22: China Mobile Ltd. , the world's top cellular carrier by subscribers, plans to spend 0 million this year to expand its network in Pakistan, the firm's Chairman Wang Jianzhou said.

China Mobile already has a foothold in Pakistan, which has more than 52 million mobile users, after it agreed earlier this year to buy an 89 percent stake in money-losing operator Paktel Ltd. for 4 million, its first acquisition outside its home market.

Wang said that China Mobile had invested 0 million in Paktel to date, but he did not elaborate, according to the official Webcast of comments he made at the Boao Forum for Asia being held on the southern island province of Hainan.

Wang said that China Mobile would make further investments next year focused on improving Paktel's sales systems and building new brands.

He also said China Mobile was hoping to garner experience from the venture that it could apply to further overseas expansion.

Separately, speaking with reporters on the sidelines of the forum, Wang reaffirmed that China Mobile planned to list shares on mainland China bourses, but he declined to give any detailed timeframe.

Pakistani Prime Minister Shaukat Aziz told the opening session of the forum on Saturday that he saw China's rapid economic growth as a model for other Asian countries.

He said he saw trade between Pakistan and China growing to billion a year within five years.

Aziz also said that he expected Pakistan to take in about billion in foreign direct investment this year, reaffirming an existing estimate.

Reuters