Hutchison says it is evaluating a potential spin-off of its worldwide telecoms business

CK Hutchison Holdings, the Hong Kong conglomerate in the middle of a brewing controversy over a plan to sell its global port operations, has acknowledged that it is in talks to dispose of its worldwide telecommunications network.

The flagship company of Hong Kong tycoon Li Ka-shing owns and operates cellular telecommunications and fixed telephony networks in more than 10 global markets. It operates networks, under the Three brand, in the UK, Austria, Denmark, Ireland, Sweden, and serves under its namesake brand in Hong Kong, Macau, Indonesia, Sri Lanka and Vietnam.

The company has started preparations to spin off its global telecommunication assets and list the business in London, Reuters reported on March 28, citing two people with knowledge of the matter, without naming them. The company has discussed the plan with a small group of financial advisers, the people said, according to the Reuters report.

“From time to time, the [group] receives proposals and explores and evaluates opportunities that may be available, with a view to enhancing long term value to shareholders, including possible transactions relating to the assets and operations of the [company’s] global telecommunication businesses (including a spin-off listing),” Hutchison said in a statement on Monday to the Hong Kong stock exchange.

“As at the date of this announcement, the [board] has not made any decision to proceed with any transaction related to the [company’s] global telecommunication businesses,” Hutchison said. “Shareholders and potential investors in the [company] should note that there is no certainty that any transaction will or will not take place.”

More to follow …

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