China Tower to Lease Data Transmission Equipment from CUC, CTC

MT Newswires Live2024-08-08

China Tower (HKG:0788) agreed to lease transmission resource and cloud resource from China United Network Communications and China Telecommunications Corporation for a term of little over 2 years starting from Aug. 7, 20244, to Dec. 31, 2026, a Wednesday filing with the Hong Kong Exchange said.

The company will be leasing telecommunications equipment, electricity lines, cloud equipment and cloud private line from the two parties to meet the needs of its Two Wings business.

The leased assets will be used for the communication of monitoring data and provision of data analysis services for internet of things devices like cameras, weather, radar and other sensors among others.

The proposed annual caps for the transactions with CUC, for the years ending Dec. 31, 2024, 2025 and 2026, are 120 million yuan, 150 million yuan and 180 million yuan, respectively.

The proposed annual caps for the transactions with CTC, for the years ending Dec. 31, 2024, 2025 and 2026, are 150 million yuan, 190 million yuan and 230 million yuan, respectively.

The company's shares were down 1% on Thursday's close.

Price (HKD): $0.95, Change: $-0.01, Percent Change: -1.04%

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