China Communications Services, which provides telecom infrastructure and outsourcing services, has said it is looking to raise Yn4bn (US$616m) in a rights issue, instead of a previously-announced Yn6bn (US$924m).
The company, which is a subsidiary of…
China Communications Services, which provides telecom infrastructure and outsourcing services, has said it is looking to raise Yn4bn (US$616m) in a rights issue, instead of a previously-announced Yn6bn (US$924m).
The company, which is a subsidiary of China Telecom, said it would now issue up to two rights shares for every ten existing shares, against four rights shares for every ten existing shares, as previously planned.
But China Communications did not explain why it chose to trim its rights issue.
Of the Yn4bn, the company said that it would use up to Yn2bn (US$308m) for its overseas expansion and for developing its non-telecom business in China. It also plans to spend some of the proceeds on potential acquisition of strategic assets, JV opportunities, and research and development related to infrastructure.
