HKBN Controlling Shareholder to Sell Shares to Meet Hong Kong Public Float Requirement
MT Newswires Live
Sep 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.
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.