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LGIC to Jointly Develop CDMA Equipment with China's Zhongxing Telecom
Posted: 26-Jun-2000 [Source: Maeil Business Newspaper, Korea]

[LGIC has agreed to set up a manufacturing joint venture in China.]

Seoul -- "LG Information & Communications Ltd. said it agreed to set up a joint venture with Zhongxing Telecom Ltd., a Chinese telecom device maker, to develop code division multiple access (CDMA) equipment and systems that will support mobile services for the country.

"The joint venture to be capitalized at US$30 million, with Zhongxing controlling 55 percent and LGIC 45 percent, and will also develop necessary technologies for next-generation IMT-2000 mobile services.

"The agreement validates recognition of Korea's CDMA technology as world-renowned," said LGIC president Seo Pyong-won, who attended a signing ceremony in Beijing.

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