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HKBN William Yeung: China Mobile's Acquisition Price Too Low, 'Personally Unacceptable'
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William Yeung, Executive Vice-chairman cum CEO of HKBN (01310.HK), remarked that he personally views China Mobile's proposed acquisition price of HKD5.23 per share for HKBN is too low, as the actual price is only HKD4.91, which he described as "definitely an unacceptable price", after deducting the dividend of HKD0.32 distributed during the period. Since China Mobile proposed the acquisition, the HSI has advanced by 20%, and the stock price of peer HKT-SS (06823.HK) has also elevated by 18%, the CEO said, assuming that the stock should have fared better, if there is no impact of China Mobile's proposed acquisition price. If the stock price followed the market rise, it should be HKD4.8, and he believed that an acquisition should come with a premium. Yeung also mentioned that the company has no layoff plans. As the company is promoting 25G broadband services and it is the only network provider in Hong Kong offering this bandwidth, it plans to recruit hundreds of frontline sales staff in Hong Kong and Mainland China, with two-thirds based in Hong Kong. AASTOCKS Financial News Website: www.aastocks.com |
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