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China Telecom sets aside $12 bln on CDMA over 3yrs

Mon Jul 28, 2008 2:25am EDT

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HONG KONG, July 28 (Reuters) - The state parent of China Telecom (0728.HK) plans to invest up to 80 billion yuan ($12 billion) to expand and upgrade a newly acquired mobile network over the next three years, the listed firm's president, Shang Bing, told Reuters on Monday.

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China Telecom's parent agreed in June to pay 66.2 billion yuan for the Unicom group's CDMA web, a long-underperforming network once regarded as a cheaper alternative to China Mobile's (0941.HK) (CHL.N) Global System for Mobile Communications.

The Hong Kong-listed firm (CHA.N) also agreed to fork over 43.8 billion yuan for Unicom's CDMA customers and business, as part of a government-led shake-up of the world's largest telecoms industry. (Reporting by Vinicy Chan; editing by Jonathan Hopfner)

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