Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: Techplayer who wrote (13514)	2/13/2000 11:22:00 PM
From: Techplayer	Read Replies (1) \| Respond to of 21876

CITIC Pac parent, Lucent to develop CDMA in China February 13, 2000 09:54 PM HONG KONG, Feb 14 (Reuters) - CITIC Pacific Ltd chairman Larry Yung said on Monday the company's Beijing parent has signed an agreement with Lucent Technologies LU to develop the CDMA mobile phone technology in China. Yung, speaking to reporters after the company held an extraordinary general meeting of shareholders, declined to give further details of the agreement between the U.S. telecom equipment giant and China International Trust and Investment Corp (CITIC Beijing). "CITIC Beijing had signed an agreement with Lucent to develop CDMA," Yung told reporters. Yung, who also serves as a director of CITIC Beijing, did not rule out the possibility that the parent would inject the Lucent joint venture into the Hong Kong-listed CITIC Pacific. "CITIC Pacific will work closely with our parent in the field of infrastructure and telecom projects," he added. At the extraordinary general meeting, CITIC Pacific shareholders approved the group's purchase of a 60 percent interest in a joint venture which will buy a fixed optical fibre telecom network from China's People's Liberation Army for two billion yuan (HK$1.887 billion). The shareholders also approved the proposed purchase of a 50 percent stake in CITIC Guoan from CITIC Beijing for two billion yuan. Guoan holds a six percent stake in China United Communications Corp Ltd (China Unicom) as well as four GSM networks, 10 percent of CITIC Securities Co Ltd. It also owns the CITIC Building in Beijing. CITIC Pacific is funding the investments by issuing up to 100 million new shares at a price of HK$40.38 each, expected to result in net proceeds of up to HK$3.94 billion. ((Hong Kong Newsroom +852 2843-6345, Fax +852 2845-0636 hongkong.newsroom@reuters.com)) REUTERS