HKBN Reports Potential Takeover Bid

The board of Hong Kong Broadband Network (HKBN) on Thursday said it has been approached about a potential takeover by the asset management firm that owns HGC Global Communications.

The telecommunications provider said it plans to engage in talks, but has yet to form any view about the possible offer, which comes in the form of a preliminary, non-binding letter of interest from I Squared Asia Advisors.

"As at the date of this announcement, [HKBN] intends to engage in further discussions with the potential offeror, but has not formed any view about the possible offer nor reached any agreement with the possible offeror," it said through a filing to the local bourse.

HKBN's shares resumed trading after being suspended since Tuesday, and briefly rose before retreating.

HGC, which runs an extensive fiber-optic network, used to be part of CK Hutchison Holdings before the conglomerate sold it in 2017 to Asia Cube Global, which is owned by I Squared.