HKT-SS Subsidiary Introduces CMG for US$870M to Expand Passive Infrastructure Biz

　　PCCW (00008.HK) 0.000 (0.000%) Short selling $2.60M; Ratio 19.490% and HKT-SS (06823.HK) -0.080 (-0.910%) Short selling $9.02M; Ratio 22.823% jointly announced that Apex Link Communications, an indirect wholly-owned subsidiary of HKT-SS, sold its 40% equity interest in the target company, Regional Link Telecom Services, and the receivable of $344 million to Magic Investment Bidco, a subsidiary of China Merchants Group (CMG), for a total consideration of US$870 million, which will be settled in cash.

　　The proceeds will be deployed for general corporate purposes, including the repayment of debt.

　　Upon completion, the target company will remain an indirect subsidiary of HKT-SS, which is in turn an indirect subsidiary of PCCW.

　　With new residential development areas in Hong Kong planned, the increasing digital transformation of enterprises and ever closer integration within the Greater Bay Area, Passive Netco, a wholly-owned subsidiary of the target company, in partnership with HKT-SS and the investor, will seek to expand its passive infrastructure business to support new service offerings and reach new geographic areas.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-25 16:25.)