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Business Times
26-05-2025
- Business
- Business Times
HKBN CEO says China Mobile's HK$7.8 billion offer not good enough, open to more bidders
[HONG KONG] China Mobile's HK$7.8 billion (S$1.3 billion) takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday (May 26). State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival US-based I Squared Capital dropped out of the race. HKBN chief executive William Yeung, who is also a board member and executive vice-chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months. HKBN reported a 5 per cent rise in earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the six months through May, higher than the 3 per cent by its major competitor Hong Kong Telecom, Yeung said. The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said. 'I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4 per cent to 5 per cent Ebitda goal in the years ahead,' he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said. In response to Reuters story on Friday, Yeung said it was a 'rumour' that Chinese sovereign wealth fund China Investment Corp (CIC) had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong. 'We are still talking to both parties (China Mobile and I Squared), and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well,' Yeung said. Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share. Yeung said I Squared made HKBN an 'initial' competing offer, but declined to comment further. His views were personal and would not represent the view of HKBN's board, he added. 'There are still diverse views within the board,' Yeung said. HKBN declined to comment. REUTERS
Time of India
26-05-2025
- Business
- Time of India
HKBN's chief executive says China Mobile offer not good enough, open to more bidders
By Kane Wu HONG KONG : China Mobile 's HK$7.8 billion ($996.1 million) takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday. State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival U.S.-based I Squared Capital dropped out of the race. HKBN Chief Executive William Yeung, who is also a board member and executive vice chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months. HKBN reported a 5% rise in earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the six months through May, higher than the 3% by its major competitor Hong Kong Telecom, Yeung said. The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said. "I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4% to 5% EBITDA goal in the years ahead," he said. China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said. In response to Reuters story on Friday, Yeung said it was a "rumour" that Chinese sovereign wealth fund China Investment Corp (CIC) had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong. "We are still talking to both parties (China Mobile and I Squared), and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well," Yeung said. Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share. Yeung said I Squared made HKBN an "initial" competing offer, but declined to comment further. His views were personal and would not represent the view of HKBN's board, he added. "There are still diverse views within the board," Yeung said. HKBN declined to comment.
Mint
26-05-2025
- Business
- Mint
HKBNs chief executive says China Mobile offer not good enough, open to more bidders
HONG KONG, - China Mobile's HK$7.8 billion takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday. State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival U.S.-based I Squared Capital dropped out of the race. HKBN Chief Executive William Yeung, who is also a board member and executive vice chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months. HKBN reported a 5% rise in earnings before interest, taxes, depreciation, and amortisation for the six months through May, higher than the 3% by its major competitor Hong Kong Telecom, Yeung said. The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said. "I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4% to 5% EBITDA goal in the years ahead," he said. China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said. In response to Reuters story on Friday, Yeung said it was a "rumour" that Chinese sovereign wealth fund China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong. "We are still talking to both parties , and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well," Yeung said. Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share. Yeung said I Squared made HKBN an "initial" competing offer, but declined to comment further. His views were personal and would not represent the view of HKBN's board, he added. "There are still diverse views within the board," Yeung said. HKBN declined to comment. This article was generated from an automated news agency feed without modifications to text.
Time of India
21-05-2025
- Business
- Time of India
China Mobile closer to taking over Hong Kong broadband company HKBN
By Kane Wu and Yantoultra Ngui HONG KONG/SINGAPORE: China Mobile , the world's biggest wireless carrier by users, is moving closer to a deal to take over Hong Kong broadband company HKBN after rival bidder I Squared Capital dropped out of the race, three sources said. U.S.-based global infrastructure investor I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. I Squared however did not secure approval from Chinese sovereign wealth fund China Investment Corp (CIC) to go ahead with the bid for HKBN, said the sources, who have knowledge of the matter. CIC vetoed the deal as a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong, as a potential acquisition could affect the operations of the fixed-line operator, which also has a broadband business, said one of the sources. I Squared and CIC declined to comment. State-owned China Mobile did not immediately respond to Reuters' requests for comment. China Mobile made its takeover offer in early December, valuing HKBN at HK$7.8 billion ($996.1 million), after first showing interest nearly two years ago. The company currently has a market value of HK$7.6 billion with the stock at HK$5.10 on Wednesday. Deal terms are still being negotiated and could be affected by a mismatch in valuation expectations, one of the sources said. All the sources declined to be named as the matter was confidential. "We are still in discussions with various parties, and are fully committed to protecting the interests of all shareholders," HKBN said in a statement to Reuters. I Squared's departure from the bidding race for HKBN comes weeks after China Mobile acquired a 15.5% stake in the company in April from existing shareholder TPG.
Yahoo
21-05-2025
- Business
- Yahoo
China Mobile closer to taking over Hong Kong broadband company HKBN, sources say
By Kane Wu and Yantoultra Ngui HONG KONG/SINGAPORE (Reuters) -China Mobile, the world's biggest wireless carrier by users, is moving closer to a deal to take over Hong Kong broadband company HKBN after rival bidder I Squared Capital dropped out of the race, three sources said. U.S.-based global infrastructure investor I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. I Squared however did not secure approval from Chinese sovereign wealth fund China Investment Corp (CIC) to go ahead with the bid for HKBN, said the sources, who have knowledge of the matter. CIC vetoed the deal as a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong, as a potential acquisition could affect the operations of the fixed-line operator, which also has a broadband business, said one of the sources. I Squared and CIC declined to comment. State-owned China Mobile did not immediately respond to Reuters' requests for comment. China Mobile made its takeover offer in early December, valuing HKBN at HK$7.8 billion ($996.1 million), after first showing interest nearly two years ago. The company currently has a market value of HK$7.6 billion with the stock at HK$5.10 on Wednesday. Deal terms are still being negotiated and could be affected by a mismatch in valuation expectations, one of the sources said. All the sources declined to be named as the matter was confidential. "We are still in discussions with various parties, and are fully committed to protecting the interests of all shareholders," HKBN said in a statement to Reuters. I Squared's departure from the bidding race for HKBN comes weeks after China Mobile acquired a 15.5% stake in the company in April from existing shareholder TPG. ($1 = 7.8288 Hong Kong dollars) Sign in to access your portfolio
