Hutchison Telecom to spin off Hong Kong business (Hong Kong)

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Hutchison Telecom to spin off Hong Kong business (Hong Kong)

March 15, 2009

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Hutchison Telecommunications International Limited (HTIL), the telecom unit of Hong Kong's Hutchison Whampoa, is planning to spin off its fixed line and mobile phone businesses in Hong Kong in an initial public offering later this year. The telecom service provider has hired the Goldman Sachs Group to arrange the deal. It is estimated that HTIL could raise as much as HK$2 billion from the sale. The group offers mobile services in Hong Kong under three brand names via the Hutchison Telephone Company, and operates fixed line and broadband services through another subsidiary, Hutchison Global Communications.