China Mobile reveals acquisition plans

China Mobile is on the lookout for acquisitions in a bid to expand its business, the company’s chairman said yesterday.

China’s leading carrier posted an 8.5% decline in its first-half net profit, and Xi Guohua said that the company will “look for appropriate external investment opportunities in an active but cautious manner”.

“We are interested in companies that will help grow our core telecoms business, for example content and internet companies,” Guohua said.

China Mobile has been hit by continued government efforts to reform state-controlled companies and promote competition, and earlier this year was ordered to reduce its interconnection fees.

The company has been increasing efforts to better its network and earlier this month partnered with Huawei for the deployment of what was claimed to be the world’s first TDD 8T8R active antenna unit.

Guohua said that it was now looking to grow its business, and it is open to a variety of investments.

“Our targets are not limited to those in emerging countries,” he said. “We will also invest in companies that operate in developed markets if they offer good growth opportunities.”

In June, China Mobile said it would acquire an 18% stake in Thailand’s True Corpfor approximately $581 million.

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