China Telecom sets IPO price, increases planned dividend.

Australasian Business Intelligence, October, 2002

Oct 15, 2002 (The Asian Wall Street Journal - ABIX via COMTEX)

China Telecom is due to commence trading on the Hong Kong and New York stock markets on 7 November 2002. This will follow the Chinese Government-owned telco's initial public offering (IPO) of 16.8 billion shares, the third biggest IPO in 2002. China Telecom announced on 11 October 2002 that it intends to sell its shares at an indicative range of between $HK1.48 ($US0.19) and $HK1.71 ($US0.22). It also announced that it would pay a higher proposed dividend than it had previously forecast. Its planned dividend of RMB0.0065 ($US0.00079) per share represents around a third of its forecast 2002 profit. It had previously indicated its dividend payment would be about 20 of its predicted profit.

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