(14 August 2017 – Hong Kong) – Comba Telecom Systems Holdings Limited (“Comba Telecom” or “the Group,” Hong Kong stock code: 2342), a global leading wireless solutions provider, has announced that ETL Company Limited, a joint venture owned by Hong Kong Jiafu Holdings Limited (“Jiafu Holdings”), a wholly-owned subsidiary of the Group, hosted an inauguration conference cum work handover ceremony at the headquarters of ETL in Vientianne, the capital of the Lao People's Democratic Republic.
The event was attended by many guests and government units, including Dr. Thansamay Kommasith, Minister of Posts and Telecommunications of the Lao P.D.R.; Ms. Thippagone Chanthavongsa, Deputy Minister of the Ministry of Finance of the Lao P.D.R., and the officials of related ministries; Mr. Wang Qihui, Economic and Commercial Counsellor of the Chinese Embassy in Laos; representatives of the investors, including Mr. Tony TL Fok, Chairman of Comba Telecom; Mr. Zhang Yuejun, Vice Chairman and President; Mr. Ken Chang, Group CFO; Mr. Wu Jiangcheng, General Manager of ETL Company Limited; all members of the Board of Directors, members of the supervisory board, management team and several staff members of ETL as well as some Sino-Laotian enterprises and banks. The conference was broadcast live to all branch companies of ETL Company Limited across Laos by video conferencing.
(A) (B) (C)
Jiafu Holdings, a wholly-owned subsidiary of Comba Telecom, had previously signed a Joint Venture agreement with the Laotian Government on 31 August 2016. Both parties agreed that 51% shares in ETL Public Company Limited held by Lao Government would be disposed to Jiafu Holdings, and they jointly established the joint venture. Starting from 9 August 2017, ETL Public Company Limited has been renamed as ETL Company Limited. At the ceremony, Mr. Thongsi Vilayvong, General Manager of ETL Public Company Limited and Mr. Wu Jiangcheng, General Manager of ETL Company Limited, signed the transaction agreement whereby the management team of ETL Company Limited officially assumed management of the operation of the company.
At the ceremony, Mr. Wu Jiangcheng, on behalf of Jiafu Holdings Limited, expressed the heartfelt gratitude for the solid support and assistance of the Governments of China, Laos and Hong Kong as well as the Chinese embassy in Laos and the guests in attendance.
Mr. Tony Fok, Chairman of Comba Telecom, said, “The newly established ETL Company Limited is the first Sino-Laotian joint venture telecoms operator in Laos. With all of the required telecommunications operation licences and a nationwide mobile network already in place, it also has important advantages in transmission network infrastructure, and thus benefits from favorable conditions for further development. Comba Telecom is confident that its investment in ETL Company Limited can succeed, capitalizing on its own leading global communications network and information solutions as well as its network construction experience accumulated from the advances of mobile communications technology over the past two decades. Under the leadership of ETL Company Limited’s new management team and with the support of the Government of Laos, the investment project will certainly help promote the development of telecommunications network construction in Laos and enhance the quality of the telecommunications network there, thus offering better services and experiences to users. The substantial economic and social benefits brought by the project will also foster the livelihood and well-being of Laotian citizens.”
Dr. Thansamay Kommasith, Minister of Posts and Telecommunications of Laos, expressed his congratulations on the establishment of the new joint venture. He said, “This initiative represents a major event for the development history of the telecommunications industry in Laos. It also reflects the determination and will of the Lao Government to reform ETL Public Company Ltd, which is a significant advance for the development of the telecommunications industry in Laos. Under the leadership of ETL Company Limited’s new management team, I trust that all of our staff will carry on their fine tradition and dedication to their work so as to achieve even greater success in the future.”
(A)&(B) Mr. Thongsi Vilayvong, General Manager of ETL Public Company and Mr. Wu Jiangcheng, General Manager of ETL Company Limited signed the [transaction/handover] agreement.
(C) (From left to right) Mr. Zhang Yuejun, Vice Chairman & President; Mr. Tony TL Fok, Chairman of Comba Telecom; Mr. Wu Jiangcheng, General Manager of ETL Company Limited; Mr. Qihui Wang, Economic and Commercial counsellor of Chinese Embassy; Dr. Thansamay Kommasith, Minister of Post and Telecommunications, Lao P.D.R.
(D) Mr. Tony Fok, Chairman of Comba Telecom
(E) Dr. Thansamay Kommasith, Minister of Post and Telecommunications, Lao P.D.R.