Telecom SOEs' joint services firm to get nearly 1mn network towers

China Tower Company–a joint venture between China Telecom (CHA.NYSE, 0728.HKG), China Unicom (CHU.NYSE, 0762.HKG) and China Mobile (CHL.NYSE, 0941.HKG)–could gain nearly a million network towers in mainland China that would allow these network operators to book an estimated profit of as much as RMB148 billion (US$23.99 billion), South China Morning Post reported, citing research firms’ estimates. Although the central government has not announced exactly how the asset-infusion plan for the venture would be accomplished, the Ministry of Industry and Information Technology and the three operators are working on an August 15 deadline “for some corporate action involving the tower company”, analysts at Barclays said in a research note.