China Telecom Corp Ltd, the country's biggest fixed-line operator, plans to issue up to 50 billion yuan ($7.3 billion) worth of bonds in the domestic market for business development.

The bonds would have a maturity of up to 10 years, China Telecom said in a statement on Monday evening.

The company will hold an extraordinary general meeting on September 5 in Beijing to seek shareholders' approval for a general mandate to issue up to 80 billion yuan worth of debentures, including the 50 billion yuan bond issue, from a previously approved 60 billion yuan.

For a full statement please see here Shares of China Telecom have fallen 29.5 percent so far this year to close at HK$4.37 on Monday. (US$1=HK$7.8=6.829 yuan)

Source:Reuters