The independent shareholders of Hutchison Telecommunications International Ltd HTIL yesterday voted yes to a privatisation of the company by Hutchison Whampoa, clearing the way for a HK$4.23 billion $545 million payout that will mark the end of what has been a very profitable venture for investors.
Excluding the final buyout, HTIL has generated total returns of 178% for its shareholders since its initial public offering in 2004, according to Hutchison's estimates, which translates into an annualised return of 22% per year through December 2009. These returns include dividends and the spin-off of HTIL's Hong Kong and Macau mobile business last year.
Contrary to several unsuccessful attempts by other large Hong Kong-listed companies to...
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