Conglomerate Hutchison Whampoa will spin off wholly owned subsidiary Hutchison Telecommunications International (HTIL) for a listing on the main board of the Hong Kong Stock Exchange.
To facilitate the listing, Hutchison will transfer the group's assets in fixed-line, second-generation (2G) as well as third-generation (3G) mobile telecommunications businesses to HTIL, which is a newly incorporated subsidiary of Hutchison Whampoa.
Hutchison will also transfer its interests in mobile businesses in India, Thailand, Israel, Macau, Sri Lanka, Ghana and Paraguay to HTIL.
Hutchison said it has filed an application with the Hong Kong Stock Exchange for the proposed listing.
After the spin-off, Hutchison will remain the majority shareholder of HTIL. Hutchison will also retain its 3G mobile assets in Europe and telecom assets in Australia.
Hutchison will also retain its telecom interests in Argentina, but HTIL will have an option to acquire it later.
AFP