China Mobile will make its first overseas acquisition, a US$284 million stake in a small Pakistani wireless company. The state-owned parent of New York- and Hong Kong-listed China Mobile Ltd is set to pick up 88% of Paktel Ltd from Luxembourg-based Millicom International Cellular SA, the Wall Street Journal reported. The deal values Paktel at US$460 million. China Mobile, the world's largest mobile phone operator, has been seeking to make acquisitions in emerging markets with high growth potential for years. Although the company made two purchases in Hong Kong, it lost a bid to buy another Pakistani company in 2005. Last year, it dropped a deal to buy all of Millicom. China Mobile had 301.2 million mobile phone subscribers at the end of 2006.