Hits Telecom announced in a conference that it has bought 30 percent of Cinotel, china's giant telecom, for $60 million to become the first Arab company entering China's market, Kuwait Times reported.
Dr Ali Al-Shamali, Director of the Board Madina for Finance Investment Co. said that Hits will continue its expansion in China by increasing its stake in Cinotel up to 55 percent within a year.
Cinotel operates the fiber optic network which is the main network operator for the telecommunication companies in China, and covers about 32,000 kilometers long, said Khalid Al-Mutawa'a, Chairman of Madina for Finance Investment Co, and Deputy Chairman of Hits Telecom. The owners of Cinotel have an investment bank in Switzerland, a fund in Australia from the telecommunication field, the Chinese partner in addition to Hits Telecom
China is a strategically important destination attracting investors from across the world. It has a strong economy, and it is expected to play an active role in leading the Asian economies due to its geographic nature in addition to its huge population.
Source:menafn