Hkbn Hits 17: month peak on receiving buyout proposal from China Mobile

China Mobile

20/11/2024 02:11

** Shares of Hong Kong telecommunications company HKBN Ltd
 1310.HK  jump 14.6% to HK$4.94, their highest since June 2023
    ** Stock on track for biggest one-day pct gain since Nov. 3,
2023
    ** HKBN said on Wednesday it has received a non-binding
proposal from state-owned China Mobile  600941.SS  for a
possible takeover of the broadband firm, as China Mobile aims to
bolster its foothold in Hong Kong
    ** Co, with current market capitalisation of $783.7 mln,  
said it was still in discussions with China Mobile on the terms
of the proposal, including the price
    ** Shanghai shares of China Mobile slip 1.1% while Hong
Kong-listed stock  0941.HK  dips 0.2%  
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 0.4%,  
 Hang Seng Composite Index tracking telecommunication stocks
 .HSCIT  slips 0.2% and Hang Seng Index  .HSI  down 0.3%
    ** HKBN stock up 33.2% YTD  
    ($1 = 7.7821 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))