China Mobile buys over 14pc stake in HKBN for HK$1.08 billion

China Mobile (0941) the world's biggest wireless carrier by users, said on Monday it had bought a 14.4 percent stake in Hong Kong-based broadband service provider HKBN (1310), for HK$1.08 billion.

The deal gives China Mobile a nearly 30 percent stake in one of the largest telecommunication operators in Hong Kong that it first expressed interest in acquiring almost two years ago.

Under the deal, China Mobile Hong Kong (CMHK), a unit of China Mobile, acquired 213.6 million shares from Twin Holding at a price of HK$5.075 apiece.

Twin Holding is an investment holding firm which had around 15.46 percent stake of HKBN prior to the sale to China Mobile. It now owns 1.02 percent of HKBN.

REUTERS