Telecom Co buys assets from parent

Hong Kong-listed China Telecom Corp Ltd has agreed to buy telecom-related assets from its State-owned parent in a move to increase its stock appeal as it copes with a slowing fixed-line business and a failure to obtain licenses to offer mobile phone services.

The firm said in a statement it would pay 1.41 billion yuan in cash for a 100 percent stake in China Telecom (Hong Kong) International Ltd, China Telecom System Integration Co Ltd, and China Telecom (USA) Corp, all of which are fully owned subsidiaries of China Telecommunications Corp.