China Tower, a subsidiary of China's three basic telecom operators, will get capital injection from China Reform Holdings Corporation Ltd., the Xinhua-run cnstock.com reported on Monday.
China Reform Holdings will inject over ten billion yuan in the company to buy an about six percent stake. Industry insiders believe the capital injection will help China Tower to explore new business fields, such as charging pile construction.
China's three telecom giants will complete delivery of stock assets to China Tower by the end of this October. The injected capital from China Reform Holdings will be relevant to 1.5 million towers or assets worth as much as 200 billion yuan.
After the capital injection, China Reform Holdings will become the fourth largest shareholder of China Tower, holding a six percent stake. China Mobile (CHL.NYSE; 00941.HK), China Unicom (CHU.NYSE; 00762.HK; 600050.SH) and China Telecom (CHA.NYSE; 00728.HK) will hold 38 percent, 28.1 percent and 27.9 percent, respectively.
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