BUZZ-HKBN hits 17-month peak on receiving buyout proposal from China Mobile

Reuters11-20

** Shares of Hong Kong telecommunications company HKBN Ltd

jump 14.6% to HK$4.94, their highest since June 2023

** Stock on track for biggest one-day pct gain since Nov. 3, 2023

** HKBN said on Wednesday it has received a non-binding proposal from state-owned China Mobile for a possible takeover of the broadband firm, as China Mobile aims to bolster its foothold in Hong Kong

** Co, with current market capitalisation of $783.7 mln, said it was still in discussions with China Mobile on the terms of the proposal, including the price

** Shanghai shares of China Mobile slip 1.1% while Hong Kong-listed stock dips 0.2%

** Hang Seng Commerce & Industry Index eases 0.4%,

Hang Seng Composite Index tracking telecommunication stocks

slips 0.2% and Hang Seng Index down 0.3%

** HKBN stock up 33.2% YTD

($1 = 7.7821 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment