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2006-3-31 05:38:00 p.m. HKT, XFNA
HK's New World Devt unit New World PCS completes merger with Telstra unit CSL
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HONG KONG (XFN-ASIA) - New World Development Co Ltd (NWD) and New World
Mobile Holdings Ltd (NWM) said the merger of the mobile telecoms businesses
of New World PCS Ltd (NWPCS) and Telstra Corp's unit Hong Kong CSL Ltd (CSL)
has been completed.
The merged group will be known as the CSL New World Mobility Group, NWD
and NWM said in a joint statement.
Following the completion of the merger, NWPCS has ceased to be a
subsidiary of NWD and NWM.
Henry Cheng, managing director of New World Group, said the merger
creates enormous opportunities and brings about synergies for both companies
for further growth.
The merged company is Hong Kong's largest mobile operator in terms of
revenue, profitability and customers, with a 34 pct customer market share.
All three brands of NWPCS and CSL, New World Mobility, 1O1O and One2Free,
will be retained.
Looking ahead, NWM said it will direct its efforts to growing mobile
Internet services and information technology outsourcing services in mainland
China while holding its 23.6 pct stake in the merged entity.
roby.lau@xfn.com
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