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2006-3-8 06:57:00 p.m. HKT, XFNA
HK's New World Mobile expects 950 mln hkd gain from mobile unit disposal
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HONG KONG (XFN-ASIA) - New World Mobile Holdings Ltd (NWM) said it
expects to record an unaudited gain of 950 mln hkd from the sale of its 76.40
pct stake in New World PCS Holdings to CSL Hong Kong, the mobile unit of
Australia's Telstra Corp Ltd.
NWM said in a joint statement with parent New World Development (NWD)
that it also expects to record an unaudited goodwill of 987 mln hkd from the
acquisition of a 23.6 pct interest in Telstra CSL, a newly-established joint
venture between Telstra and NWM.
Upon completion of NWM's sale of its interest in New World PCS, NWD
expects to book an unaudited effective gain of 508 mln hkd through its 58 pct
stake in NWM.
NWD said it would also generate an unaudited net increase in intangible
assets of 944 mln hkd following unit NWM's acquisition of a 23.6 pct stake in
Telstra CSL.
NWM and Telstra Corp signed in November a non-binding memorandum of
understanding (MoU) on the merger of their respective mobile phone units.
Under the merger proposal, Telstra will own 76.4 pct of the merged mobile
company, while Telstra CSL, and NWM will share the remaining stake.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/jc/net
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