NTT DOCOMO announced that it will sell its minority stake in Three Hong Kong and Macau to Hutchison Telecommunications Hong Kong (HTHKH), the major share holder of the two units for USD$60 million.
HTHKH will purchase DOCOMO's entire 24.1% share of HTCL's stock and thereafter HTCL will become a wholly owned subsidiary of HTHKH. The contract was signed today and the actual transfer of shares will take place in May 2019.
HTHKH said that it will pay the stake with the cash proceeds from the disposal of its fixed-line business in October 2017. The extra stake will enable HTHKH to gain full control of its mobile telecoms operating arm and to enhance efficiency of operations through elimination of resources expended on shareholders' communications.