CHU

New Generation Consortium led by China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) is preparing to purchased a 75% stake in Nitel, a Nigerian wireless carrier, for $2.5 billion, a China Unicom public relations officer has told China Securities Journal. The news surfaced in February and was immediately quashed by China Unicom. Before the Nigerian government introduced private capital to compete in the African nation's telecoms market in 2001, Nitel was a market monopoly.