HTIL to spin off, list Hong Kong, Macau businesses on 8 May

21 Apr 2009

Dow Jones Newswires reports that Hutchison Telecommunications International Ltd (HTIL) has announced that it will spin off and list its Hong Kong and Macau operations on 8 May 2009. The Hong Kong-based group said that it will not raise any new funds from the spinoff, whilst the Hong Kong unit plans to pay an interim dividend of HKD0.01 per share to its shareholders this year. The plan is aimed at providing HTIL’s parent Hutchison Whampoa with a new platform for capital-raising. The group offers mobile services in Hong Kong under the 3 brand name via Hutchison Telephone Company, and operates fixed line and broadband services through another subsidiary, Hutchison Global Communications. Its Macau mobile business, Hutchison Telephone (Macau), is held by the same holding company as its Hong Kong assets.