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2006-11-23 03:19:00 a.m. HKT, XFNA
STOCK ALERT - Hong Kong's New World Mobile sharply higher on takeover bid
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HONG KONG (XFN-ASIA) - New World Mobile Holdings was sharply higher on
news of a possible mandatory offer for all of its shares from non-executive
director Simon Lo, dealers said.
The stock was up 0.54 hkd or 33 pct at 2.17, off a high of 2.50.
NWM announced Lo has agreed to buy from New World Development a 58.04
pct stake in NWM, with the shares being sold at 0.65 hkd each.
Lo is expected to make a mandatory takeover bid for all of NWM's shares
following the purchase.
The development follows the decision of NWM to sell to New World
Development its 23.6 pct stake in its joint venture with Australia's Telstra
for 2.5 bln hkd.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com xfnlwm/xfnsp
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