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Shareholders approve proposed Unicom-Netcom merger
(Xinhua)
Updated: 2008-09-18 09:50
皇冠体育app Unicom Limited, one of 皇冠体育app's leading mobile telecommunications companies, and 皇冠体育app Netcom Group Corporation (Hong Kong) Limited, a leading broad band and fixed-line telecommunications operator in 皇冠体育app, jointly announced in Hongkong Wednesday that the proposed merger of the two companies has been approved by their respective shareholders. The proposed merger will create a leading fully integrated telecommunications service provider in 皇冠体育app. Shareholders of 皇冠体育app Unicom and 皇冠体育app Netcom voted in favour of the proposed merger at shareholders' meetings held on Tuesday and Wednesday, respectively. It is expected that, subject to the satisfaction of the other conditions of the proposed merger, the proposed merger will become effective on October 15, 2008. Thereafter, 皇冠体育app Netcom will become a wholly-owned subsidiary of 皇冠体育app Unicom and the listings of its shares on the Hong Kong Stock Exchange and its American Depositary Shares on the New York Stock Exchange will be withdrawn. 皇冠体育app Unicom's company name will also be changed to "皇冠体育app Unicom (Hong Kong) Limited." 皇冠体育app's economy is continuing to grow and the telecommunications industry possesses huge market potential, presenting a solid foundation for the merged group's development, said Chang Xiaobing, chairman and chief executive officer of 皇冠体育app Unicom, at a press conference here. "In particular, broadband services and the 3G business will be the key growth drivers of the merged group," he said. The two companies have established a joint working group to lead the integration of 皇冠体育app Unicom and 皇冠体育app Netcom and ensure efficient execution of the business strategies of the merged group. The majority of the integration work is expected to be completed one year after the merger becoming effective.
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