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HONG KONG, June 20, 2016 /PRNewswire/ -- HKBN Ltd. (SEHK: 1310) announced today that it has extended its Co-Ownership plan to 80 new joiners, including 54 from the New World Telecom acquisition completed on 31 March 2016. These new additions have bolstered the number of HKBN Co-Owners to over 340, meaning that the majority of supervisory and management-level Talents at HKBN have invested their personal or family savings in the company, which is rarely seen among publicly listed companies in Hong Kong.
Under HKBN's Co-Ownership plan, invited Talents may invest up to 1 year's salary to buy HKBN shares at market price via a trust. Calculated at a 20% annual savings rate, this investment represents a very material 5 years' personal or family savings. The investment is then matched by the company with 3 free shares granted for every 7 shares purchased, with the 3 free shares vesting 25%, 25% and 50% respectively over 3 year anniversaries. For this round of investment, a total of 134 Co-Owners, including 54 existing Co-Owners who have stepped up their investment, have invested a total of about HK$43.6 million at an average purchase price of about HK$8.9/share.
Billy Yeung, Chief Commercial Officer - Enterprise Solutions and Co-Owner said, "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."
Edward Jim, Executive Vice President - Sales and International Business, former New World Telecom executive said, "Prior to HKBN integration, I used to focus on short term departmental and individual targets. As a new Co-Owner of HKBN, I now look at things from a much wider and longer term perspective to ensure our whole company benefits."
For more quotes from HKBN Co-Owners:
http://reg.hkbn.net/WwwCMS/upload/pdf/en/20160620_Co-Ownership_Booklet_final.pdf
For the Company announcement on "Co-Ownership Plan II":
http://reg.hkbn.net/WwwCMS/upload/pdf/en/e_Announcement_upload.pdf
About HKBN Ltd.
HKBN Ltd. (SEHK:1310), operating through HKBN Group, is Hong Kong's largest provider of residential high speed fibre broadband (symmetrical 100Mbps to 1,000Mbps) services by number of subscriptions, with a core purpose to "Make Our Hong Kong a Better Place to Live". HKBN offers a full range of telecommunications solutions for enterprise and residential markets, encompassing broadband & Wi-Fi services, cloud solutions, data connectivity, data facilities, system integration and voice communications. HKBN owns an extensive fibre network in Hong Kong, which covers over 2.1 million residential homes passed, representing approximately 79% of Hong Kong's total residential units, and more than 2,200 commercial buildings. HKBN takes great pride in developing its 2,900 plus Talents into a competitive advantage.
Logo - http://photos.prnasia.com/prnh/20150818/8521505360LOGO
