i-Cable privatization ditched
Hong Kong’s i-Cable has resumed trading on the local share market after controlling shareholder, Wharf Holdings, ditched plans to take the cable operator private.
I-Cable’s shares were suspended from trading on November 28 pending an announcement on the privatisation of the company. But i-Cable said late December 3 that its board of directors had “been informed by the Company’s controlling shareholder that the controlling shareholder was considering but has today decided not to proceed with a possible privatisation proposal.”
No explanation has been given for the change of heart.
Wharf owns 74% of i-Cable and market rumours that it was considering making an offer for the rest of the company had pushed i-Cable’s share price up nearly a quarter before the suspension of trading last week. In early trading yesterday (December 4), i-Cable’s shares fell back by just under 8% to HK$0.6.