China Mobile is to invest US$400 million to extend its network in Pakistan,
said the company's CEO Wang Jianzhou in Boao, Hainan Province, yesterday.
Wang said the company will step up improving sales channels and building new
brands in Pakistan next year, adding that a wireless data transmission system
will be built in the country.
Pakistan boasts a population of 160 million with young people taking a great
proportion and its telecommunication market is one of the fastest growing
markets in the world.
China Mobile announced in January it had reached an agreement with Millicom
International Cellular to buy the Luxembourg-based company's 88.86 percent share
of Paktel Limited, Pakistan's fifth largest mobile phone operator.
The deal valued the Pakistani company at 460 million U.S. dollars.
That was the first time that China Mobile had acquired a foreign
telecommunication company of "strategic significance".
Last year, the Chinese telecommunication giant acquired all shares of Hong
Kong's fourth largest mobile operator, China Resources Peoples Telephone Co.
Ltd. and a 19.9-percent stake in Phoenix TV.
Millicom is a global telecommunication investor, providing cellular telephone
services to 12.8 million people in 17 emerging markets in Asia, Latin America
and Africa.
"We hope to accumulate some experience in developing overseas market," said
the CEO at the ongoing Boao Forum for Asia.