Chinese company completes acquisition of Lao telecom company
Source: XinhuaNet Time:2017-08-11 09:35:53
The establishment of Enterprise of Telecommunications Lao (ETL) Co., Ltd and a ceremony of work transfer were held Tuesday in the Lao capital Vientiane, completing the acquisition and transfer of China's Comba Telecom.
The Lao government in August 2016 signed a joint venture agreement with Jiafu Holdings, a wholly-owned subsidiary of Comba Telecom. Following bilateral agreement, as many as 51 percent stake of ETL was sold to Jiafu Holdings, and the ETL Public Co., Ltd was renamed as ETL Co., Ltd.
Lao Minister of Post and Telecommunications Thansamay Kommasith said at the ceremony that it is a major event in the history of Laos' telecom, fully illustrating the determination of the Lao government in reforming ETL public company, which is of great significance in promoting the development of Lao telecommunications.
Representatives of ETL Co., Ltd and Comba Telecom, for their parts, said the newly formed ETL Co., Ltd. is the first China-Laos joint venture telecom operator, with full telecommunications network qualification and national coverage of the mobile network, while the transmission network infrastructure has advantages and good foundation for further development.
The Comba Telecom is confident of investing in ETL project and will provide users with better service and experience, and achieve economic and social benefits for the sake of Lao people.