China Mobile, the world's biggest phone company by market value, said its parent will pay competitors "tens of billions'' of yuan as part of a government- led reorganization of the nation's telecoms market.
"The parent company has a few months ago already prepared and set aside tens of billions of yuan to support the telecom restructuring,'' Rainie Lei, a Hong Kong-based spokeswoman for the listed unit, said.
"It has nothing to do with the listed company.''
China Mobile was told to pay 50 billion yuan (HK$57.06 billion) to help rivals China Telecom (0728) and China Unicom acquire new assets as part of the government-led revamp (0762).
Source:BLOOMBERG