Proposal to privatize Hutchison Telecom International gets a
HONG KONG, May 24 (Xinhua) — The proposal to privatize the Cayman-registered Hutchison Telecom International has recently been approved by the Grand Court of the Cayman Islands, Hutchison Telecom International and Hutchison Whampoa said in a joint statement on Monday.
The proposal is expected to become effective on Tuesday when the remaining conditions are expected to be fulfilled, it said.
Upon privatization, Hutchison Telecom International\’s securities are set to be delisted from the Hong Kong stock exchange on Tuesday and from the New York Stock Exchange on June 4 this year.
In addition, the annual general meeting of Hutchison Telecom International, originally scheduled for Wednesday, will be canceled, according to the statement.
Hutchison Whampoa owns more than 60 percent of Hutchison Telecom International, which provides mobile phone networks and data services in Asia.
Shares of Hutchison Telecom International opened at 1.52 HK dollars (19.5 U.S. cents) on Monday, down 2.6 percent from the previous close. Its market value stood at 7.32 billion HK dollars. (one U.S. dollar equals to 7.8 HK dollars)
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