A key milestone in HGC business expansion under ASEAN economies
HONG KONG, Aug. 7, 2018 /PRNewswire/ -- HGC Global Communications Limited (HGC), a full-fledged fixed-line operator and ICT service provider with extensive local and international network coverage and infrastructure, is pleased to announce that on 3 August 2018 a conditional share purchase agreement was signed, in the presence of Consul-General of the Republic of the Union of Myanmar and representatives from the Hong Kong Macau and Myanmar Chamber of Commerce & Industry (HKMMCCI) in Hong Kong, between a fellow subsidiary of HGC and the shareholders of Golden TMH Telecom Company Limited (GTMH), whereby HGC Group will effectively become the majority shareholder of GTMH on closing of the transaction. The closing of the transaction is subject to the fulfilment of certain conditions precedent, including, among others, the approval from the local regulators. HGC shall make another announcement when the transaction is completed.
HGC to become one of the first Hong Kong based telecommunication companies to tap into and invest in the Myanmar market
Myanmar is one of the fastest growing telecommunications markets in Association of Southeast Asian Nations (ASEAN). Riding on the huge opportunities and potential to develop business in the market, HGC is keen on further extending its success in the Hong Kong local market into Myanmar.
Both Consul-General of the Republic of the Union of Myanmar and HKMMCCI welcome HGC's investment in becoming one of the first Hong Kong based telecommunication companies to tap into and invest in the Myanmar market. On the other hand, the HKSAR government supports in promoting co-operation with ASEAN were also demonstrated by the visit of Chief Executive Carrie Lam to Myanmar last September.
It is expected that HGC and GTMH shall bring synergy to the telecommunications development in Myanmar
GTMH is a leading communications and network service provider in Myanmar, equipped with one of the most complete telecommunications service offerings in the market, while HGC acts as a pioneer in capturing untapped telecom business in South East Asia, helping to pave a gateway for local businesses to the international economy to meet the recent trend of globalisation and digitalisation. The agreement marks the first overseas expansion of HGC's local fixed-line services business post-acquisition by I Squared Capital and enables the seamless extension of its coverage in Myanmar.
As a leading international carrier and ICT service provider, with deep expertise and experience, HGC can deliver a full suite of comprehensive end-to-end solutions to local and overseas corporations and operators in Myanmar. The investment in GTMH will also help Myanmar become a significant platform for international carriers and corporate customers to take advantage of opportunities to expand into the addressable market of neighbouring countries.
Mr. Andrew Kwok, Chief Executive Officer of HGC said, "HGC has been in collaboration with GTMH since 2014. With our experience and success in Hong Kong and international business, we believe that the investment will bring more opportunities to HGC and GTMH as well as the telecommunications industry of Myanmar. The investment once again showcases a successful example of our determination and ambition to extend our business outside Hong Kong as well as to strengthen our position in the region."
Mr. Alexis Delevaux, CEO of GTMH said, "We are pleased to announce the news and we believe that the acquisition can provide a more comprehensive and broader portfolio of telecommunications services to local corporate and customers. Riding on HGC's experience and strong international connectivity as well as its success in Hong Kong local business, our business can further expand locally and globally. The agreement will not only assist in the deployment of the upcoming influential projects in Yangon and key regions in the country but also support and boost Myanmar in further expanding the telecommunications industry and reinforce the internet and economic development eventually."
Ms. Myat Thuzar Than, Consul-General of Consulate General of the Republic of the Union of Myanmar in Hong Kong said, "The agreement between HGC and GTMH is a breakthrough to the telecommunications industry in Myanmar and also a huge boost for the economic development for the country as well as ASEAN in long term. We are pleased that the potential and bright prospects of Myanmar are recognised by a leading global carrier and I believe this can bring both companies and the economies a great success."
About HGC Global Communications Limited
HGC Global Communications Limited (HGC) is a leading Hong Kong and international fixed-line operator. The company owns an extensive network and infrastructure in Hong Kong and overseas and provides various kinds of services. It provides telecom infrastructure service to other operators and serves as a service provider to corporate and households. The company provides full-fledged telecom, data centre services, ICT solutions and broadband services for local, overseas, corporate and mass markets. HGC owns and operates an extensive fibre-optic network, four cross-border telecom routes integrated into tier-one telecom operators in mainland China and connects with hundreds of world-class international telecom operators. HGC is one of Hong Kong's largest Wi-Fi service providers, running over 29,000 Wi-Fi hotspots in Hong Kong. The company is committed to further investing and enriching its current infrastructure and, in parallel, adding on top the latest technologies and developing its infrastructure services and solutions. HGC is a portfolio company of I Squared Capital, an independent global infrastructure investment manager focusing on energy, utilities and transport in North America, Europe and selected fast-growing economies.
To learn more, please visit HGC's website at: www.hgc.com.hk
SOURCE HGC Global Communications Limited (HGC)