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Branch of China Mobile Receives Huge Syndicated Loan
The China Mobile (Shenzhen) Company, a branch of the China Mobile (HK) Company, received a syndicated loan worth 12.5 billion yuan (US$1.5 billion) from eight banks Saturday.
The eight banks include the China Construction Bank, the Bank of China, the Agricultural Bank of China, the Industrial and Commercial Bank of China, the Bank of Communications, the Hong Kong and Shanghai Banking Corporation Ltd (HSBC) and China Merchants Commercial Bank.
The China Mobile (HK) Company, will use the loan, the largest of its kind, to purchase telecommunications assets in seven of China's municipalities and provinces from its share-holding company, China Mobile.
The China Mobile (HK) Company, founded in Hong Kong in 1997, was listed on the Hong Kong and New York Stock exchanges and has collected funds of US$6.8 billion over the past three years.
It currently provides mobile-phone service for 23.9 million clients in the six of China's provinces including Guangdong, Zhejiang, Jiangsu, Fujian, Henan and Hainan, and the number of its clients accounted for 34 percent of the country's total.
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