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Press industry magnate Rupert Murdoch has been given another cap to wear: director of CNC, the China NetCom Group Corp-Hong Kong.
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.
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 percent-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.
(CRI September 14, 2004)
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