LATEST
WEBSTORY
TRENDING

Taapsee Pannu reveals how she kept her wedding with Mathias Boe secret: 'The chances of the news getting leaked...'

Aftab Shivdasani joins Welcome 3, reunites with Akshay Kumar after 14 years, fans say 'Awara Paagal Deewana 2 bana lo'

KKR vs DC IPL 2024 Live Score: Delhi Capitals eye resurgence against in-form Kolkata Knight Riders

7 Bollywood actresses who have starred opposite Rajinikanth

5 animals that can kill crocodile

6 dangerous food combinations you must avoid

BJP appoints new state presidents in Telangana, Jharkhand, Punjab, Andhra ahead of 2024 Lok Sabha polls

Meet 'mystery girl' whose pictures with Indian cricketer Yuzvendar Chahal is going viral

SCO must not hesitate to criticise countries supporting terrorism: PM Modi

PHOTOS
VIDEOS
ENTERTAINMENT

Remember Heyy Babyy's cute 'Angel' Juanna Sanghvi? 20 year-old looks unrecognisable now, fans say 'her comeback will...'

In pics: Arti Singh stuns in red lehenga as she ties the knot with beau Dipak Chauhan in dreamy wedding

Actors who died due to cosmetic surgeries

Meet Ujjwal Nikam, BJP's New Candidate Who Replaced Poonam Mahajan I Lok Sabha Elections 2024

Ujjwal Nikam In BJP: Lawyer Who Fought 26/11 Case, Replaced Poonam Mahajan | Lok Sabha Election 2024

LSG vs RR Highlights: Sanju Samson Shines, Rajasthan Royals Won By 7 Wickets I IPL 2024 Match 44

Taapsee Pannu reveals how she kept her wedding with Mathias Boe secret: 'The chances of the news getting leaked...'

Aftab Shivdasani joins Welcome 3, reunites with Akshay Kumar after 14 years, fans say 'Awara Paagal Deewana 2 bana lo'

Taarak Mehta's Gurcharan Singh faced financial distress, sources claim he was about to...

Home Business

Business

Hutchison Telecom to suspend trading of shares

Hutchison Telecom on Monday requested suspension of trading of its shares in Hong Kong, pending announcement on the sale of its stake in Indian venture Hutch-Essar.

DNA Web Team

Updated : Sep 14, 2017, 04:10 PM IST

Updated at 1.30 pm

HONG KONG: Hutchison Telecom on Monday requested suspension of trading of its shares in Hong Kong, pending announcement on the sale of its stake in Indian venture Hutch-Essar.

The stock exchange said in a notice this morning that trading is being suspended at the request of HTIL, pending "the release of an announcement regarding a very substantial disposal (of stake) by the company."

HTIL is likely to make an announcement in the afternoon regarding an agreement to sell its 67 per cent stake in Hutch-Essar to British telecom giant Vodafone in a deal that gives an enterprise value of $18.8 billion for the Indian venture.

Vodafone has made an announcement regarding the deal, while agreeing to acquire HTIL's stake for about $11 billion in cash, besides about $2 billion in debt assumptions.

Shares of HTIL's parent company Hutchison Whampoa rose 0.7 per cent to HKD 81.70, notwithstanding the sluggish overall market conditions, in expectations that the proceeds from the sale of the Indian venture would help reduce its debt.

Hang Seng Index ended the morning down 54.29 points at 20,623.37, touching a low of 20,488.82 and a high of 20,696.65.

Analysts in Hong Kong said that the India deal will be a positive for Hutchison Whampoa as it would help it reduce its debts, especially on its 3G (third generation) mobile services which have swallowed up cash at an alarming rate.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed- Follow DNA on WhatsApp.