HKBN Controlling Shareholder to Sell Shares to Meet Hong Kong Public Float Requirement

MT Newswires Live
09/22

Broadband operator HKBN (HKG:1310) said its controlling shareholder China Mobile Hong Kong agreed to sell a portion of its holdings to meet a Hong Kong public float requirement, according to a bourse filing Sunday.

Shares of the company fell 7% in morning trade Monday.

China Mobile Hong Kong, a unit of China Mobile (HKG:0941, SHA:600941), agreed to sell 47,925,000 HKBN shares representing 3.24% of the business. The placing is expected to close Wednesday.

The sale would reduce China Mobile's current holdings from 78.08% to 74.84%, meeting a Hong Kong listing requirement that at least 25% of a company's shares be in the hands of the public.

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