KARACHI, May 4: China Mobile Communication Corporation, which took over Paktel on Feb 13 with 89.86 per cent shares, has unveiled a new company name – CMPak Limited.

Speaking at a press conference, CEO CMPak Guo Yonghong said the company had acquired Paktel for over $460 million enterprise value while $700 million of foreign direct investment had already been made in the country. The company plans to invest more in Pakistan in future, he added.

The company aims to expand its network in the country. So far the company has awarded contract to four different vendors for network expansion, he said.

He said China Mobile is here to stay and the company restarted sales to resume business as usual as soon as it arrived in Pakistan.