SHENZHEN, China--()--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.
About ZTE
ZTE is a publicly-listed global provider of telecommunications equipment and network solutions with the most comprehensive product range covering virtually every telecommunications sector, including wireless, access & bearer, VAS, terminals and professional services. The company delivers innovative, custom-made products and services to over 500 operators in more than 140 countries, helping them to meet the changing needs of their customers while growing revenue. In 2011, ZTE’s revenue increased by 29 per cent to USD13.7 billion. Its overseas operating revenue grew 30 per cent to USD 7.4 billion during the period, accounting for 54.2 per cent of overall operating revenue. ZTE commits 10 per cent of its annual revenue to research and development and has leadership roles in several international bodies devoted to developing telecommunications industry standards. ZTE is committed to corporate social responsibility and is a member of the UN Global Compact. The company is China’s only listed telecom manufacturer that is publicly traded on both the Hong Kong and Shenzhen Stock Exchanges (H share stock code: 0763.HK / A share stock code: 000063.SZ). For more information, please visit www.zte.com.cn.