China Telecom buys businesses for $185 mln

Hong Kong, June 18: China Telecom Corp. Ltd. said it would buy telecommunication related businesses from controlling shareholder China Telecommunications Corp. for 1.41 billion yuan (US4.9 million) in cash.

China Telecom said in a statement it would buy a 100 percent stake in China Telecom (Hong Kong) International Ltd., China Telecom System Integration Co. Ltd., and China Telecom (USA) Corp.

The firms are involving in international IP-VPN, international private leased circuits, internet data services and voice wholesale in Asia Pacific and in South and North America.

The Hong Kong-listed company, which is 70.89 percent owned by China Telecommunications Corp., said the purchase will be funded with internal resources.

Reuters>