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China Unicom Clarifies Role in Nitel Bid

China Unicom PR, 2/22/2010

China Unicom's (NYSE: CHU; 0762.HK; 600050.SH) Hong Kong-listed arm, China Unicom (Hong Kong) Limited, issued a public notice addressing recent media reports regarding its participation in a bid to acquire Nigeria Telecom (Nitel). Neither China Unicom (Hong Kong) Limited nor its parent company, China United Network Communications Group Company Ltd., have been involved in any direct discussions or negotiations with any relevant parties involved in the proposed privatization. China Unicom (Europe) Operations Limited, a UK-based wholly-owned subsidiary of China Unicom (Hong Kong), has been in contact with certain potential bidders and indicated its interest in the provision of technical and managerial support services for the proposed privatization. Unicom Europe has also indicated that, subject to certain conditions being fulfilled, it would be interested in exploring the possibility of equity investment in Nitel. As of the date of this announcement, Unicom Europe has not commenced any negotiations with the relevant parties with respect to any substantive and legally binding agreements.

China Unicom (Hong Kong) stressed that it has not authorized anyone to release any information regarding its or its subsidiaries' roles in the proposed acquisition.

Keywords: China Unicom telecom Nigeria 0762.HK 600050.SH CHU Nitel M&A overseas Africa


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