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Unicom, Telefonica add stakes in each other
By Zhu Shenshen |
January 24, 2011, Monday
|
Online Edition
Online Edition
CHINA Unicom and Telefonica SA of Spain agreed to increase each other's holdings by US$500 million each to strengthen their partnership, both sides said today.
Telefonica agreed to increase its stake in China Unicom, Apple's sole partner carrier for iPhone, to 9.7 percent while the China's No. 2 mobile phone operator aims to increase its holdings in Telefonica to 1.37 percent, according to the companies' statement.
China Unicom is also going to obtain a representative position in the Spanish carrier's board.
Hearing the news, China Unicom's Shanghai-listed shares grew 1.58 percent to close at 5.78 yuan (88 US cents), compared with the local index dip of 0.72 percent yesterday.
Each company will buy US$500 million of shares in the other, with China Unicom buying treasury shares from Telefonica at 17.16 euro (US$23) each. Telefonica will buy China Unicom shares from third parties over the next nine months.
In December, China Unicom reported 1.28 million new 3G subscribers, bringing its total 3G users to 14.06 million, largely through robust sales of iPhone 4 since its China release last September.
China Unicom is expected to attract 30 million new 3G users this year, according to China International Capital Corp, which rated the company "overweight."
Apple's iPhone 4, which supports China Unicom's WCDMA (wideband code division multiple access) network, is the most popular 3G phone in the domestic market and was often in short supply until now.
The WCDMA phones, including iPhone 4 and Nokia N8, will help China Unicom to attract high-end users and challenge market leader China Mobile, which is the world's largest mobile phone carrier, analysts said.
Telefonica agreed to increase its stake in China Unicom, Apple's sole partner carrier for iPhone, to 9.7 percent while the China's No. 2 mobile phone operator aims to increase its holdings in Telefonica to 1.37 percent, according to the companies' statement.
China Unicom is also going to obtain a representative position in the Spanish carrier's board.
Hearing the news, China Unicom's Shanghai-listed shares grew 1.58 percent to close at 5.78 yuan (88 US cents), compared with the local index dip of 0.72 percent yesterday.
Each company will buy US$500 million of shares in the other, with China Unicom buying treasury shares from Telefonica at 17.16 euro (US$23) each. Telefonica will buy China Unicom shares from third parties over the next nine months.
In December, China Unicom reported 1.28 million new 3G subscribers, bringing its total 3G users to 14.06 million, largely through robust sales of iPhone 4 since its China release last September.
China Unicom is expected to attract 30 million new 3G users this year, according to China International Capital Corp, which rated the company "overweight."
Apple's iPhone 4, which supports China Unicom's WCDMA (wideband code division multiple access) network, is the most popular 3G phone in the domestic market and was often in short supply until now.
The WCDMA phones, including iPhone 4 and Nokia N8, will help China Unicom to attract high-end users and challenge market leader China Mobile, which is the world's largest mobile phone carrier, analysts said.
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