Hutchison offloads HK fixed line licence

120

Mobile operator Hutchison Telecommunications Hong Kong Limited has been cleared by the authorities of the neighbouring SAR to proceed with the sale of its entire equity interest in Hutchison Global Communications Investment Holding Limited, with the carrier licensee ‘authorised to provide internal and external fixed telecommunications services in Hong Kong,’ according to a release by the HKSAR authorities.
Hutchison was serving approximately 3.3 million customers in Macau and Hong Kong as at end-June, according to the group Chairman’s statement. The group’s Macau business is concentrated on mobile services.
The sale, cleared by the Communications Authority yesterday afternoon from investigation into whether it would substantially lessen competition, allows the purchaser – a private investment firm named I Squared – to acquire the company for HK$14.49 billion, a transaction which was also closed yesterday, according to a company filing with the Hong Kong Stock Exchange.

SHARE
Previous articleHappy taxman
Next articleProtecting the village