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China state-owned telecoms tower firm to go public - Shanghai Securities
July 25, 2014 / 2:01 AM / 3 years ago

China state-owned telecoms tower firm to go public - Shanghai Securities

BEIJING, July 25 (Reuters) - The telecommunications tower company jointly established by China’s three state-owned wireless carriers will take private capital and list on public markets, the official Shanghai Securities News reported on Friday.

The report did not mention a time frame for the initial public offering or introduction of private capital, but said only having the three carriers as shareholders was a temporary arrangement, citing a Ministry of Industry and Information Technology official.

China Mobile, China Unicom (Hong Kong) and China Telecom Corp said this month they would jointly establish the tower company, called China Communications Facilities Services Corporation Limited, to build telecommunications towers in China.

China Mobile will own a 40 percent stake, while China Unicom will subscribe for shares equivalent to 30.1 percent and China Telecom will hold a 29.9 percent share.

During the March session of China’s parliament, Premier Li Keqiang highlighted state-controlled telecommunications firms as one of the targeted recipients of non-state capital to increase privatisation.

Reporting by Paul Carsten; Editing by Stephen Coates

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