China Communications Services Will Buy $607 Million of Assets From Parent

(Bloomberg) -- China Communications Services Corp.,
the engineering unit of China's biggest fixed-line phone operator,
said it will buy 4.63 billion yuan ($607 million) of
telecommunications assets from its parent.

The company will use 1.2 billion yuan from its initial
public offering proceeds and 1.4 billion yuan of its own cash to
pay for the acquisition, China Communications said in a statement
to the Hong Kong Stock Exchange. The company said it will borrow
the rest of the funds needed.


Read more at Bloomberg Emerging Markets News