Apparently weeks after China Telecom arranged a share swap of similar size with Spain’s Telefonica SA, China Unicom has announced they are to buy back $1.3 billion worth of their own shares from Korea based SK Telecom reports Finance Asia.

In total 3.79 percent of SK Telecom’s entire stake, or 899 million shares are to be repurchased and under an agreement China Unicom will fork out some HK$11.105 a share which is a 1.3 percent discount to the last trading price before the deal was announced.

75 percent of China Unicom’s shareholders have to approve the deal before it can go ahead and it is expected that an extraordinary general meeting will take place in November.