Hutchison Telecommunications will delist from the Hong Kong Stock Exchange on May 25 and from the New York Stock Exchange on June 4, parent company Hutchison Whampoa has said.
Goldman Sachs is advising on the transaction.
Whampoa does, however, still…
Hutchison Telecommunications will delist from the Hong Kong Stock Exchange on May 25 and from the New York Stock Exchange on June 4, parent company Hutchison Whampoa has said.
Goldman Sachs is advising on the transaction.
Whampoa does, however, still require approval from a Cayman Islands court and shareholders to take the telco private in a US$545m transaction.
The de-listings form the central part of Whampoa’s plan to restructure Hutchison Telecom, in which it holds a 60.4% stake. Whampoa, controlled by billionaire Li Ka-shing, is offering to take the firm private for HK$2.20 a share. This would give the firm control over Hutchison Telecom’s unprofitable operations in Sri Lanka, Indonesia, and Vietnam, which it would then restructure.
Hutchison Whampoa and Hutchison Telecom will hold a shareholders meeting on May 12.
