CITIC 1616 says seeks acquisitions by year-end
By : Joanne Chiu
Date posted :2009-06-24 03:30:00
HONG KONG (Reuters) - CITIC 1616 Holdings Ltd (1883.HK) is seeking to buy international direct dialing (IDD) and mobile value-added service assets in the Asia-Pacific region by the end of 2009, a senior executive said on Wednesday.
However, the company, the telecoms service unit of Beijing backed CITIC Pacific (0267.HK), has no intention of introducing Chinese telecoms operators as strategic investors, said chief financial officer David Chan.
"We have been approached by private equity funds about the possibility of asset reorganizations, but we are very selective and will only consider those proposals that create synergy," he told Reuters in an interview.
He added that CITIC 1616 was interested in buying or consolidating IDD, mobile value-added services and integrated virtual private network businesses and was open to investment opportunities in Southeast Asia, and in particular Taiwan.
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