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HKBN (01310) up 11.8% on CA's clearance for acquisition
18 Apr 2019
(Infocast News) HKBN Ltd. (01310) rose steadily today and hit HK$13.84 this afternoon, up 11.8%.

On 17 April 2019, the Communications Authority announced on its website that it has decided not to commence an investigation into HKBN Ltd.'s proposed acquisition of the entire issued share capital in WTT Holding Corp. under Section 39 of the Competition Ordinance.

As a consequence, the buyer, the Listco and the sellers are satisfied that the proposed transaction (if completed) will not have the effect or will be unlikely to have the effect of substantially lessening competition in Hong Kong or will otherwise be compliant with section 3 of schedule 7 of the Competition Ordinance, and hence the Condition has been fulfilled, HKBN Ltd. said.

As disclosed in HKBN Ltd.'s circular, one of the conditions precedents as set out in the merger agreement is that the completion would not have the effect or be likely to have the effect of substantially lessening competition in Hong Kong or would otherwise be compatible with section 3 of schedule 7 of the Competition Ordinance (the Condition).

Completion of the acquisition is expected to take place by the end of April.

(WL)
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