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18 September 2012 at 11:08 - Posted by AfricaFinance

ZTE and Mobitel Sign Strategic Deal Worth $40 Million


 ZTE Corporation (“ZTE”) (H share stock code: 0763.HK / A share stock code: 000063.SZ), a publicly-listed global provider of telecommunications equipment, network solutions and mobile devices, today announced it signed a strategic cooperation agreement worth $40 million with Mobitel of Sri Lanka.

The agreement was signed in the presence of China’s Chairman of the Standing Committee of the National People's Congress Wu Bangguo and Sri Lanka’s President H. E. Mahinda Rajapaksa during Mr. Wu’s recent visit to Sri Lanka.

According to the agreement, ZTE will deploy over 700 2G/3G/4G LTE base stations and transmission equipment for Mobitel’s Stage VII Mobile Network Expansion Project. Upon completion of the project, it will be South Asia's first commercial 4G (FDD-LTE) network. ZTE became the major telecommunication equipment vendor for Mobitel after the successful completion of the Stage VI Mobile Network Expansion Project in June 2012, the largest expansion project in the Sri Lankan telecommunications sector.

“We are happy ZTE successfully completed the largest stage of our network expansion, which involved 2G and 3G Base Stations at over 1,000 sites, in record breaking time,” said Mobitel CEO Mr. Lalith De Silva. “The next major development in our technological footprint through this new expansion will be the introduction of the latest long term evolution (LTE) standard, which will be the commercial deployment of 4G Mobile Technology.”

“The fact that Mobitel awarded ZTE with the Stage VII Expansion contract shows that we’ve achieved a world-leading position with our innovative products and reliable services,” said ZTE Senior Vice President Mr. Zhang Renjun. " We are very happy to help Mobitel roll out the first ever FDD-LTE based commercial 4G mobile network in South Asia and further strengthen its leading position as the preferred mobile service provider in Sri Lanka."

ZTE products have been widely used in Sri Lanka with the company’s overall revenue there exceeding $400 million. ZTE will continue to contribute to Sri Lankan telecommunications development by providing high-quality, cost-effective solutions.

Mobitel (Pvt) Ltd. is a national mobile telecommunications service provider and a wholly owned subsidiary of Sri Lanka Telecom. The Sri Lanka government is a majority shareholder.

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