China Mobile Says Parent to Boost Stake for Up to $789 Million


Source: thestartmagazine.com thestartmagazine.com

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(Bloomberg) -- China Mobile Ltd.’s parent plans to increase its stake in the wireless carrier by buying as much as 5 billion yuan ($789 million) of its Shanghai-traded shares. China Mobile Communications Group Co. intends to buy 3 billion yuan to 5 billion yuan of the listed firm’s A shares by the end of this year, according to a filing with the Shanghai stock exchange Sunday. The company didn’t specify a purchase price for the shares. The proposed stake increase demonstrates China Mobile Communications’ confidence in China Mobile’s future development and recognition of its longterm investment value, according to the...