CHINA Communications Services Corp, the nation's biggest builder of phone networks, plans to raise HK$1.89 billion (US$243 million) from a stock sale with a shareholder to help fund acquisitions.

The Hong Kong-listed company will offer 326.7 million new shares and 32.7 million held by China's National Council for the Social Security Fund at HK$5.25 each, the phone-network supplier said in a statement to the city's stock exchange yesterday. That's a discount of 6.7 percent to the closing price of HK$5.63 last Friday and the middle of the range set in that day's offer.