Hong Kong billionaire's flagships to net $2.7bn

Hutchison Whampoa and Cheung Kong, billionaire Li Ka-shing's Hong Kong flagships, are to pocket $2.7bn after a telecoms unit yesterday announced a hefty special dividend due to 'the lack of suitable investment opportunities'.

Hutchison Telecommunications International (HTIL), which sold its Indian arm to Vodafone for $10.9bn in 2007, said it would pay shareholders a cash dividend of HK$33.7bn ($4.35bn), or HK$7 per share, next month.

The company, which operates 2G and 3G businesses in Asian emerging markets, has been sitting on an $11.1 billion windfall since it sold its stake in India's Hutchison Essar to Vodafone last year.

On Wednesday announced a cash dividend of HK$7 per share or $13.55 per ADS, totalling HK$33.7 billion ($4.35 billion).

"In the last 18 months no acquisition opportunity has met our investment criteria," said CEO Dennis Lui.

HTIL now has 11.2 million customers, up from 8.6 million a year ago, thanks primarily to growth in Indonesia.

The launch of iPhone in Hong Kong had boosted data revenues in that market, with more than 40% of iPhone users subscribing to the highest monthly plan, HTIL said.

Suggested Articles

Wireless operators can provide 5G services with spectrum bands both above and below 6 GHz—but that doesn't mean that all countries will let them.

Here are the stories we’re tracking today.

The 5G Mobile Network Architecture research project will implement two 5G use cases in real-world test beds.