Market cheers BT as it divests its holding in SmarTone Telecoms Share transfer to SHKP will help phone company trim its debt after a buying spree.

(From South China Morning Post)

Byline: Ben Kwok

Investors yesterday cheered BT's exit from SmarTone Telecommunications as the British company agreed to sell its 20.75 per cent stake to Sun Hung Kai Properties (SHKP).

The share transfer ended a two-year overhang since BT signalled its Asian disposal programme, and is the first time SHKP has had majority control of Hong Kong's No 3 mobile operator.

SmarTone shares jumped 5.45 per cent, to HK$8.70, on last year's final trading day, but over the year they shed 6.45 per cent.

On Monday, SHKP said it would pay HK$1.03 billion for BT's 20.75 per cent stake, consolidating SmarTone as a …