HKBN has announced that it has extended its co-ownership plan to 80 new employee investors, including 54 from the recent New World Telecomacquisition.
With the new joiners, the number of HKBN co-owners has been extended to over 340, meaning that the majority of supervisory and management-level employees have invested in the company.
HKBN’s co-ownership plan enables invited employees to invest up to a year’s salary in HKBN shares at market prices via a trust calculated at a 20% annual savings rate.
The investment is matched by the company at the rate of three free shares for every seven shares purchased, vesting at 25%, 25% and 50% respectively over three year anniversaries.
In the latest round of the program, 134 co-owners - including 54 existing co-owners increasing their investment – have invested a total of HK$43.6 million ($5.6 million) at an average price of HK$8.90 per share.
“With the smooth integration of New World Telecom, we now have the hardware firepower, and more importantly, the human software as evidenced by the high Co-Ownership take-up, to deliver phenomenal value and innovation to the corporate segment, similar to our impact on the residential market 10 years ago,” HKBN chief commercial officer for enterprise solutions and co-owner Billy Yeung said.