China Mobile Buys Paktel for Us$460 Million and Remaned as CMPAK Ltd.

China Mobile Buys Paktel for Us$460 Million and Remaned as CMPAK Ltd.

China Mobile Ltd., the country's biggest mobile-phone operator by subscribers and also the biggest telecummunication company in the world, bought 100% of Pakistan telecommunications operator Paktel Ltd. for US$460 million and renamed it CMPak Ltd. Paktel is Pakistan's fifth largest mobile cellular cmpany.
It said the deal was subject to regulatory approval but was expected to be completed by late February.
"The parent company plans to invest US$400 million in Pakistan this year to expand the (CMPak) networks," China Mobile Ltd.'s chairman, Wang Jianzhou, said after the company's annual general meeting.
Millicom has operated in Pakistan since 1990. As of Sept. 30, Paktel had 1.53 million total subscribers, up 62 percent from 944,718 the year prior, placing it fifth in terms of active subscribers.
Wang said China Mobile Ltd. doesn't have a timetable to buy CMPak.China Mobile Communications Corp. said in March it had bought 88.9% of Paktel.