A sign for China Mobile is pictured next to a 5G sign during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS
Aug 4 (Reuters) – China Mobile (600941.SS), the world’s biggest wireless carrier by users, said on Monday it had bought a 14.4% stake in Hong Kong-based broadband service provider HKBN (1310.HK), for HK$1.08 billion ($137.58 million).
The deal gives China Mobile a nearly 30% stake in one of the largest telecommunication operators in Hong Kong that it first expressed interest in acquiring almost two years ago.
Under the deal, China Mobile Hong Kong (CMHK), a unit of China Mobile, acquired 213.6 million shares from Twin Holding at a price of HK$5.075 apiece.
Twin Holding is an investment holding firm which had around 15.46% stake of HKBN prior to the sale to China Mobile. It now owns 1.02% of HKBN.
($1 = 7.8499 Hong Kong dollars)
Reporting by Rajasik Mukherjee; Editing by Subhranshu Sahu
