New World Telecom approached by potential buyers

11 Oct 2006

Hong Kong-based conglomerate New World Development has been approached by unnamed parties interested in buying its fixed line telecoms business, New World Telecom, reports Chinese business daily The Standard. However, the firm said the possibility of a deal being struck is dependent on price. The news accompanied a disappointing earnings release from the group, which posted a 61% drop in net profit for its fiscal year ended 30 June, and immediately saw its shares plunge 2.75%. The results were dragged down by a huge provision for a failed fibre-optic network venture in mainland China, which it pulled out of in 2004.

Hong Kong, New World Telecom (now HKBNES)