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China Netcom Raises US$300 Million in Financing
Chinese state-backed broadband provider China Netcom Corp has raised US$300 million in financing with News Corp and Goldman Sachs emerging as its two largest foreign investors, the Hong Kong Economic Times reported on November 14.
Quoting unidentified sources, the newspaper also reported that James Murdoch, the second son of News Corp chief Rupert Murdoch, and Goldman Sach's top representative in Asia, Mark Schwartz, would sit on China Netcom's board.
News Corp and Goldman Sachs have each injected US$60 million, giving them three percent each in the company.
Netcom Corp officials declined comment, while officials at Goldman Sachs and News Corp were not immediately available for comment.
Other new investors in Netcom include Dell Computer's founder Michael Dell, Kerry Group's Robert Kuok, Sun Hung Kai Properties's Kwok brothers, Henderson Land chairman Lee Shau-kee, an investment company under the Bank of China, and the Construction Bank of China, the newspaper said.
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