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© Reuters. FILE PHOTO: An indication of China Cellular is seen at CES (Shopper Electronics Present) Asia 2016 in Shanghai, China, Might 12, 2016. REUTERS/Aly Music/File Photograph
By Kane Wu and Julie Zhu
HONG KONG (Reuters) – State-owned China Cellular (NYSE:) Ltd is exploring a possible buyout of Hong Kong’s main telecoms firm HKBN Ltd, which is presently valued at $1 billion, 4 folks with data of the matter stated.
China Cellular in latest weeks despatched a request for proposal (RFP) to a small group of banks to advise on buying and taking-private the Hong Kong telecom supplier, which affords providers together with broadband and Wi-Fi administration, stated the folks.
The Beijing-based firm remains to be receiving pitches from funding banks and has but to determine on making a proper supply, stated the folks, declining to be recognized as the data is confidential.
HKBN had a market worth of HK$7.94 billion ($1.01 billion) as of Tuesday morning’s market shut.
Bidders are typically anticipated to supply a premium to the corporate’s present buying and selling share worth.
China Cellular and HKBN didn’t instantly reply to a request for remark.
($1 = 7.8498 Hong Kong {dollars})
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