Hong Kong's HKBN ends buyout talks with HGC Global's parent (updated)

HKBN

13/06/2023 10:47

(Adds details on the talks and share valuation)
       June 13 (Reuters) - Hong Kong's HKBN  1310.HK  said on
Tuesday it had ended buyout talks with I Squared Asia Advisors,
the parent company of internet service provider HGC Global
Communications.
    The telecom company had in March confirmed that it had
received a non-binding letter of interest from I Squared, but
did not disclose an offer price or any other details. 
        HKBN, which offers broadband network and Wi-Fi services,
has also attracted interest from other firms. 
  
        Reuters in April 
    reported
     that telecom giant China Mobile  0941.HK  was looking at
buying the company.
        HKBN currently has a market capitalisation of HK$6.69
billion ($853.98 million). Its stock is down nearly 9% since the
talks were revealed on March 2.
  
        I Squared's HGC was spun off from conglomerate CK
Hutchison Holdings  0001.HK  in 2017.
  

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Nivedita Bhattacharjee and Anil D'Silva)
 ((Rishav.Chatterjee@thomsonreuters.com;))