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China Netcom Group, the country’s No.2 fixed-line phone company, was exploring fresh international ventures as part of an alliance with Hong Kong’s dominant fixed-line carrier, PCCW, Netcom said.
The State-owned parent of publicly listed China Netcom and PCCW were focused largely on China-oriented investment opportunities when they announced a partnership in January that entailed Netcom’s US$1 billion purchase of a 20 percent stake in PCCW.
Both firms were now in talks on overseas ventures, but it had not been decided if they would involve the publicly traded Netcom, its State-held parent, or both, said Wayne Zhang, spokesman for publicly listed Netcom.
“We are obviously discussing with PCCW how to cooperate on the international business side,” he said. “We are discussing, but there’s no conclusion yet.”
Since unveiling their partnership, the companies have discussed three major areas for cooperation, all domestically focused, involving real estate development, pay TV and mobile phone services.
Last month, Netcom said it would sell commercial properties to PCCW’s listed real estate arm, Pacific Century Premium Developments (PCPD), as part of the cooperation between the two firms.
Zhang said any venture on the international stage would likely involve to some extent one or both of Netcom’s two international units, CNC International or Asia Netcom.
CNC International is Netcom’s older international unit, focusing on bilateral voice and data services. Asia Netcom was formed two years ago after Netcom bought up most of the assets of then-insolvent Asia Global Crossing.
(Shenzhen Daily March 18, 2005)
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