(Reuters) -China Mobile, the world’s biggest wireless carrier by users, said on Monday it had bought a 14.4% stake in Hong Kong-based broadband service provider HKBN for HK$1.08 billion ($137.58 million). The deal gives China Mobile a nearly 30% stake in one of the largest telecommunication operators in Hong Kong that it first expressed interest […]
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China Mobile buys over 14% stake in HKBN for $138 million
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(Reuters) -China Mobile, the world’s biggest wireless carrier by users, said on Monday it had bought a 14.4% stake in Hong Kong-based broadband service provider HKBN for HK$1.08 billion ($137.58 million).
The deal gives China Mobile a nearly 30% stake in one of the largest telecommunication operators in Hong Kong that it first expressed interest in acquiring almost two years ago.
Under the deal, China Mobile Hong Kong (CMHK), a unit of China Mobile, acquired 213.6 million shares from Twin Holding at a price of HK$5.075 apiece.
Twin Holding is an investment holding firm which had around 15.46% stake of HKBN prior to the sale to China Mobile. It now owns 1.02% of HKBN.
($1 = 7.8499 Hong Kong dollars)
(Reporting by Rajasik Mukherjee; Editing by Subhranshu Sahu)