HTIL delays results as SEC probes tower deal

Nicole McCormick
19 Feb 2010
00:00

Hutchison Telecommunications International (HTIL) failed to disclose its 2009 earnings results as scheduled yesterday, as talks with the US securities regulator continue over its accounting procedures.

“As previously disclosed, the company has been in discussions with the United States Securities and Exchange Commission (SEC) on certain accounting treatments adopted by the company,” HTIL said in a statement.

“These discussions are ongoing and the finalization of the 2009 Annual Results is pending their conclusion.”

The WSJsaid the SEC was querying HTIL’s treatment of gains it made from HK$3.88 billion ($499.5 million) in sale-lease back tower transactions in Indonesia.

Hutchison Whampoa, which owns 60.4% of HTIL, last month proposed taking HTIL, which is essentially now only a shell company for a couple of start-ups, private for HK$2.20 per share.

No timetable for the privatization has been given.

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