HONG KONG - Hutchison Telecom said on Monday that it has been approached by controlling shareholder Hutchison Whampoa on a possible bid to take the company private.
"The board of directors of Hutchison Telecommunications International Ltd has received an approach from the company's majority shareholder, Hutchison Whampoa Ltd, regarding a possible general offer to the company's shareholders and optionholders," Hutchison Telecom said in a statement to the Hong Kong Stock Exchange.
It added that an announcement on the matter "may be imminent".
Shares of Hutchison Telecom, which is about 60 per cent owned by Hutchison Whampoa, were suspended on Monday afternoon pending the release of an official announcement.
The stock was up 2.48 per cent at $HK1.65 prior to the suspension. During the morning session, it had risen as high as $HK1.68 per share.
HTA Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
