Nod for going private
Source: Xinhua |
May 25, 2010, Tuesday
|
Print Edition
Print Edition
CAYMAN-REGISTERED Hutchison Telecom International's privatization proposal has been approved by the Grand Court of the Cayman Islands, the Hong Kong-based firm and Hutchison Whampoa said in a joint statement yesterday.
The proposal is expected to become effective today when the remaining conditions are expected to be fulfilled, it said.
Upon privatization, HTI's shares are set to be delisted from the Hong Kong stock exchange today and from the New York Stock Exchange on June 4.
In addition, the annual general meeting of HTI, originally scheduled for tomorrow, will be canceled, according to the statement.
Hutchison Whampoa owns more than 60 percent of HTI.
The proposal is expected to become effective today when the remaining conditions are expected to be fulfilled, it said.
Upon privatization, HTI's shares are set to be delisted from the Hong Kong stock exchange today and from the New York Stock Exchange on June 4.
In addition, the annual general meeting of HTI, originally scheduled for tomorrow, will be canceled, according to the statement.
Hutchison Whampoa owns more than 60 percent of HTI.
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