China Telecom announced it plans to purchase fixed-line telecom networks in 10 provinces from its parent China Telecom Group. The firm said it will ask shareholders to approve the issue of 8.32 billion H-shares to raise capital for purchases. At a recent share price of US$0.32 per share, the new offering would raise US$3.04 billion. Company officials said 7.59 billion of the shares would be newly created and 756.1 million would be converted from existing domestic shares. The company set a deadline of November 2004 for the offering.