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CATT Sells Datang Mobile's Stake
November 23, 2007 |
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| Category: Telecom & Wireless
China Academy of Telecommunication Technology, a main shareholder of Datang Mobile, is selling 13% of the latter's stake at Shanghai United Assets and Equity Exchange.
The transfer board at SUAEE shows that CATT has high requirements on the buyer and asks it to offer desirable opportunity for Datang Mobile's future development. It says that it is entitled to stop the stake transfer if the transaction can't be done before December 31, 2007.
Analysts quoted in local media believe that Datang Mobile may have found new investors and may be brewing plans for getting listed. Chinese media reported that PICC may spend CNY1.5 billion to acquire 15% of the stake of Datang Mobile, and other investors like China Yangtze Power Co., Ltd., China Life Insurance and Ping'an Insurance also intended to spend about CNY1 billion each puchasing a stake of Datang Mobile.
Datang Mobile is a subsidiary of Datang Telecom Technology and Industry Group and a major proponent of China's TD-SCDMA standard.
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