China Telecom to spin off unit for $400 million offering (China)

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China Telecom to spin off unit for $400 million offering (China)

March 15, 2006

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According to industry sources, China Telecommunications Group, the parent of Hong Kong-listed China Telecom Corporation, the country's largest fixed line operator, plans to spin off its engineering and telecom services arm for a Hong Kong initial public offering to raise between $200 million and $400 million in the second half of 2006. This would be the group's second spin-off for a Hong Kong listing after its operating unit, China Telecom Corporation, raised HK$11.8 billion in 2002 through a share float. The group's engineering and telecom services arm is the largest in the country, and also provides services to other telecom operators including China Netcom, China Mobile and China Unicom.