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Murdoch becomes director of China NetCom
(CRI)
Updated: 2004-09-14 17:19
Press industry magnate Rupert Murdoch has been given another cap to wear:
Director of CNC, the China NetCom Group Corp-Hong Kong.
Press industry
magnate Rupert Murdoch. [file photo] | The corporation announced the names of its new Board of Directors Sunday.
The Hong Kong-based company, which is planning a US$1.5 billion (HK$11.7
billion) initial public offering, named China's former telecoms industry
regulator Zhang Chunjiang, 46, as its chairman. China Radio International
reported Monday.
According to share sale documents, China Netcom hired 73 year old Murdoch and
John Thornton as non-executive directors. Murdoch is also chairman of Netcom's
compensation committee.
China Netcom, 86.4 per cent-owned by state-owned China Network Communications
Group Corp, is betting growth in the mainland's high-speed Internet market and
the company's experienced and internationally trained managers, will lure
investors to its IPO in October.
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