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China Mobile signs $1.5 bn loan
Hong Kong: China Mobile (Hong Kong) Limited has signed on a 12.5 billion yuan ($1.5 billion) loan from a group of mainland Chinese banks to help fund its purchase of seven mainland Chinese mobile networks, the Bank of China said onn Monday. The syndicated loan, lead by Bank of China and the China Construction Bank, is the largest ever yuan-denominated loan, the bank said in a statement.The loan will partly fund the purchase from China Mobile's mainland-based parent company, China Mobile Communications Corporation, of the seven networks worth $32.84 billion .In addition to the loan, China Mobile will raise $6.6 billion by issuing new shares. Vodafone Group PLC has pledged to purchase $2.5 billion of those shares, a two per cent share in China Mobile Hong Kong. AP Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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