Vote near on CK Asset big acquisition plans

CK Asset (1113) will hold an extraordinary general meeting on Thursday to vote on the acquisition of four assets from the Li Ka Shing Foundation and a HK$19.38 billion share buyback plan. The four assets are a 20 percent stake in UK Power Networks, 20 percent of Northumbrian Water, 20 percent of Wales & West Utilities and 10 percent of Dutch Enviro Energy.

CK Asset also plans a share buyback offer for the 380 million newly issued shares at HK$51 per share up to the maximum number of shares.

Compared to the closing price of CK Asset at HK$50.5 yesterday, and with the final dividend of HK$1.46, the potential return is less than 4 percent.

The chairman of Hutchison Telecom (0215), Canning Fok Kin-ning, says the distribution of a special dividend depends on 5G development and the interim result.