Telecom giants to transfer $4.3b state-owned assets into enlisted companies

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Last updated at: (Beijing Time) Tuesday, November 11, 2003

Telecom giants to transfer $4.3b state-owned assets into enlisted companies

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China Telecom and China Unicom will transfer 4.3 billion US dollars state-owned assets into enlisted companies by the end of 2003, said Li Rongrong, director of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), at a press conference Tuesday.

Both China Telecom and China Unicom are major state-owned enterprises (SOEs) under SASAC's direct supervision.

According to Li, China Telecom will inject the assets of its 6 provincial companies, valued at 33.2 billion yuan (4 billion US dollars) in terms of net asset, into a newly established corporation exclusively owned by the state, and further transfer the asset into an enlisted company.

Similarly, China Unicom will first inject the assets from 9 provincial companies into a state-owned corporation and further transfer the asset into BVI companies and enlisted companies overseas. The asset was evaluated at 2 billion yuan (0.3 billion US dollars) in terms of net asset.

Li said SASAC had approved 48 enterprises to transfer property rights or assets from April to September, involving 22.5 billion yuan (2.7 billion US dollars) of state-owned assets or equities.

During the internal reforms and integration of large SOEs, the legal qualifications of 192 enterprises have been nullified, amongwhich 54 got dismissed, retracted or bankrupted, he said.

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