Shares in I-Cable drop 46 per cent after sales talks terminated

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Shares in I-Cable fell as much as 46 per cent on Friday after its parent announced that talks to sell the Hong Kong pay-TV provider had ceased and that funding to the loss-making subsidiary would be halted.

Owner Wharf Holdings said in a joint statement released after market hours on Thursday that talks to sell I-Cable had been terminated, with no other offers on the horizon.

Wharf also revealed in its annual earnings report yesterday that funding commitments to I-Cable, which has posted annual losses every year since 2008, would not be extended.

Shares in I-Cable were still down 38.7 per cent in mid-morning trading at HK$0.57.

Shares in property developer Wharf Holdings were up 7 per cent on Friday, however, after the company’s annual earnings report showed revenues had grown nearly 34 per cent in 2016.

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