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Dear Friends of HKBN
Divestiture of Non-core Business New iMedia via Mini MBO
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During our March 2016 acquisition of the New World Telecom business, we also acquired New iMedia’s online marketing solutions business. Whilst we consider New iMedia to be a high potential business that’s run by a great team, it is non-core to our core business of facilities-based telecoms services. As such, we have executed a 51% divestiture of the New iMedia business via a mini-MBO led by Sandy Ho, CEO, and Los Chan, CFO of New iMedia.
William Yeung, HKBN CEO and Co-Owner said, “With this transaction, we are replicating our highly successful MBO of HKBN back in 2012. We remain very positive and supportive of the New iMedia prospects, which is why we remain 49% shareholders, but believe they will function better as a separate unit from HKBN.”
Sandy Ho, New iMedia CEO and Co-Owner said, “We are excited to become Co-Owners of New iMedia and look forward to developing the business that delivers awesome value and innovation for our different stakeholders.”
Please click here for the full Hong Kong Stock Exchange announcement.
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Joined by HKBN senior management and business partners from Yahoo and Google, the New iMedia management team of Co-Owners, Markie Chan (third from left), Head of IT and Product Development; Victor Tam (fourth from left), Head of China Sales; Sandy Ho (centre), CEO; Yung Yeung (third from right), Head of Hong Kong Sales; and Los Chan (right), CFO, celebrate the new office opening on 30 June.
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A jubilant group photo captures the solidarity between New iMedia Co-Owners and teams, business partners and HKBN management.
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