china unicom shares soar on 117 bn stake sale plan
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

China Unicom shares soar on $11.7 bn stake sale plan

Arab Today, arab today

Arab Today, arab today China Unicom shares soar on $11.7 bn stake sale plan

Shares in China's second-largest
Shanghai - Arab Today

 Shares in China's second-largest telecoms carrier Unicom soared Monday after it reiterated previously retracted plans for an almost $12 billion stake sale involving high-profile investors including Tencent, Baidu, and Alibaba.

China United Network Communications Ltd (CUNC), the Shanghai-listed arm of China Unicom, will sell shares worth 77.9 billion yuan ($11.7 billion) to 10 investors, according to a statement to the Shanghai exchange.

China United Network Communications shares, which were suspended since April as the ownership plan was being hashed out, jumped by the 10 percent daily limit in Shanghai after the announcement. China Unicom shares in Hong Kong surged more than eight percent.

The plans were first announced last week but, puzzlingly, were quickly retracted for "technical reasons", leaving investors in limbo.

But they were re-released in the latest statement, unchanged and with no elaboration on the reasons for the earlier about-face.

The plan is part of the Chinese government's push to overhaul inefficient state-owned enterprises (SOEs) by luring in private capital.

The 10 strategic investors, who get their stakes at 6.83 yuan per share, will own 35.19 percent of the Shanghai arm while Unicom remains as the company's biggest shareholder.

An investment company linked to Tencent, which owns popular messaging app WeChat, will buy 5.33 percent of the Shanghai-listed arm for 11 billion yuan with a state-owned partner. An arm of Chinese search-engine giant Baidu will take a 3.39 percent stake for 7 billion yuan, also with a partner.

An investment company linked to e-commerce giant Alibaba's founder Jack Ma will obtain a little over two percent.

Other investors include e-commerce company JD.com, state-owned China Life Insurance, and Suning Commerce Group, whose parent owns the AC Milan football club.

Unicom Group was among six SOEs chosen by Beijing last year for a pilot programme to funnel private capital into state firms, which has seen Unicom-related shares soar this year.

Unicom's net debt has risen 20 percent in the past five years to 150 billion yuan, according to Bloomberg News, as it spent on mobile network upgrades while also planning an expensive 5G rollout expected to benefit the Chinese tech giants

source:AFP

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china unicom shares soar on 117 bn stake sale plan china unicom shares soar on 117 bn stake sale plan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china unicom shares soar on 117 bn stake sale plan china unicom shares soar on 117 bn stake sale plan

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms

GMT 19:56 2017 Thursday ,09 March

Qatar Pavilion Opens at ITB Berlin

GMT 23:34 2013 Thursday ,07 February

New BMW 3 Series Gran Turismo

GMT 12:57 2017 Friday ,13 October

JPMorgan open to digital money if regulated

GMT 04:38 2017 Friday ,10 March

ADNOC opens fifth ADNOC Xpress

GMT 10:30 2017 Friday ,10 November

BDF military contingent honoured

GMT 17:37 2017 Tuesday ,24 January

China jails former Sinopec president for graft

GMT 19:34 2017 Sunday ,14 May

Austria centre-right calls for snap elections

GMT 14:54 2014 Saturday ,29 November

Wall cladding, wallpaper, fabric and wood!
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday