Listing Pressure

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

HONG KONG, January 8, 2010 (AFP) – Hong Kong ports-to-retail conglomerate Hutchison Whampoa on Friday offered to take its loss-making telecoms subsidiary private in a deal valued at 545 million US dollars. The group, headed by tycoon Li Ka-shing, said the proposal to take over Hutchison Telecom would allow it to manage the troubled firm’s investments more flexibly.

Shareholders in the telecoms group will be offered 2.20 Hong Kong dollars (0.28 US) a share. That was a 33.3 percent premium to the company’s price when its shares were suspended on Monday.

Shares of telecom, which resumed trading Friday after Monday’s suspension, surged 28.5 percent to 2.12 Hong Kong dollars following the buyout announcement.

Hutchison Whampoa, which currently holds a 60.4 percent stake in the firm, closed flat at 56.35 Hong Kong dollars.

As well as telecoms, Hutchison Whampoa has holdings in ports, retail, property, energy and infrastructure across the world.

Hutchison Telecom, an emerging markets-focused group, has undertaken a string of asset disposals in recent years including in India and Hong Kong and Macau.

But it said in a joint statement with its parent that the remaining operat