BT to sell stake in HK's SmarTone.

(From FT Investor (Stories))

BT, the UK telecoms company, said on Tuesday it planned to sell its stake in SmarTone, a Hong Kong cellular carrier, for a large loss as part of moves to offload most of its interests in Asia.

BT said it had agreed to sell its 20.76 per cent stake in the territory's number three mobile operator for HK$1.03bn ($132m), or HK$8.50 per share - about one-third of the HK$25 per share it paid when it bought most of the holding in April 1999.

"The transaction . . . is part of BT's disposal of non-core assets and another step in its debt reduction programme," the British company said.

Hong Kong developer Sun Hung Kai …