Wharf ditches plan to delist i-Cable

8 Dec 2008

Hong Kong conglomerate Wharf Holdings has ditched a plan to take private its 74%-owned telecoms subsidiary i-Cable, without giving a reason for its decision. i-Cable confirmed that its parent firm has decided not to proceed with the delisting plan, and the company has now resumed share trading after a four-day suspension. i-Cable’s share price has tumbled by 62% to HKD0.60 (USD0.077) since the beginning of the year, and the cable operator has seen IPTV-based rival Now TV, owned by PCCW, claim a majority of Hong Kong’s 1.7 million pay-TV subscriber households. i-Cable owns and operates a HFC cable telecoms network, providing pay-TV services, broadband internet access and telephony via an internet protocol (IP) overlay. Sister telco Wharf T&T, 100% owned by Wharf Holdings, has a strategic focus on the business sector.

Hong Kong, i-Cable (formerly HKCT)