China Satcom, CITIC to Tap Telecom Market

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Last updated at: (Beijing Time) Friday, June 07, 2002

China Satcom, CITIC to Tap Telecom Market

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China Satellite Communications Corporation (China Satcom) and China International Trust and Investment Corporation (CITIC) has recently signed an agreement to cooperate in the telecommunication sector.

According to the agreement, the two companies will combine their satellite resources and on-land telecommunication network resources to build a better ground and air telecommunication network. The shares of GreatWall Wideband and Guangdong Yingtong held by CITIC will also be included in the deal.

Experts hold that cooperation will help China Satcom, one of the six largest telecom companies in the country, expand business and enable it to provide more and better telecom services.

CITIC is a well-known state-owned company with experience in investment and financing. It is also engaged in other businesses such as providing value-added telecom services.

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