The main Japanese cell phone operator NTT Docomo has agreed to promote its stake in Hutchison Phone Firm Restricted (HTCL) and Hutchison 3G HK Holding Restricted (H3GHK), to Hutchison Telecommunications Hong Kong Holdings Restricted (HTHKH).
Based mostly in Hong Kong, the Hutchison Telecommunications is a predominate telecom operator. It has bought the shares in HTCL and H3GHK from Docomo for $60 million.
Hutchison Telecommunications holds a majority of shares in HTCL and H3GHK, whereas NTT Docomo held 24.1% shares in HTCL’s inventory. It has bought all of the shares in HTCL and has made it an entirely owned subsidiary.
The contract has been signed between each the businesses and the precise switch of shares will happen in Could this yr.