Datang Telecom to Apply for RMB 1 Bln Loan
Sina Tech, 9/30/09
Datang Telecom (600198.SH) issued a number of stock transaction filings today announcing that following the approval of the board of directors, the company will apply for a loan of no more than RMB 1 bln from the China Academy of Telecommunication Technology (CATT), with a time limit of no more than a year and an interest rate no higher than 10% below the standard bank rate for one-year loans. The specific amount and time limit of the loan will be determined by the actual amount incurred and the actual usage period.
CATT and its subsidiaries are the majority shareholder in Datang with a combined 36.9% stake.
Datang also announced that it plans to make its 50.1% stake in its Datang Telecom Tianjin Industry Park Co., Ltd. available for RMB 75 mln.
According to audits, as of August 31 the Tianjin Industry Park company had assets of approximately RMB 99.13 mln, liabilities of RMB 1.36 mln, and net assets of approximately RMB 97.77 mln.
The Datang board of directors also approved a plan for Datang-controlled subsidiary Shanghai Uniscope Technologies to purchase TD-SCDMA A2000+TV/A2000+HSDPA solutions from fellow Datang subsidiary Leadcore Technology for RMB 5 mln.
Keywords: financing Datang Telecom Tianjin Industry Park Leadcore wireless 600198.SH CATT Datang Telecom UniScope technology park 3G 3.5G TD-SCDMA HSDPA
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