Wharf T&T

WTT HK Limited
Company typePrivate
IndustryTelecommunication
Founded1995
Defunct2019
Fateacquired by HKBN
SuccessorHKBN Enterprise Solutions HK Limited
HeadquartersKowloon Bay,
Hong Kong
Area served
Hong Kong
Owner
Subsidiaries
  • COL Limited
  • WTT eBusiness Limited
Websitewtthk.com

WTT HK Limited (Chinese: 滙港電訊有限公司), was the second largest fixed line telecommunication operator in Hong Kong.[1][better source needed] In 2018, it was acquired by competitor HKBN and renamed to HKBN Enterprise Solutions HK Limited.

A member of the business groups TPG Capital and MBK Partners,[1] as well as formerly The Wharf (Holdings), WTT HK was formerly known as Wharf T&T Limited (Chinese: 九倉電訊有限公司),[2][non-primary source needed] New T&T Limited (Chinese: 香港新電訊有限公司)[3][4] and Wharf New T&T Limited (Chinese: 九倉新電訊有限公司).[5]

History

Former logo of the company (left) and the logo of a subsidiary (right)

Established in 1995 as New T&T Limited,[6] it was one of the first[citation needed] telecommunication operators to be offered a fixed line license after the Hong Kong Government decided to open this market to competition;[7] Cable & Wireless Hong Kong Telecom had heretofore enjoyed a monopoly.[4] The next year New T&T Limited was offering IDD service and residential fixed-line services.[8]

Making its first net profit in financial year 2001,[9] it was soon after renamed Wharf New T&T Limited.[10]

Another name change, in 2003, yielded Wharf T&T Limited.[11]

By 2006, the company decided to differentiate its offerings by providing some services through a different unit; Wharf T&T would focus on business clients and subsidiary i-Cable Communications, residential ones.[12]

In 2007, it founded Wharf T&T eBusiness Limited, a subsidiary that delivers broadband applications and web applications to SME customers.[13]

In 2016, MBK Partners, North Asia’s buyout firm, and TPG, a global alternative asset firm, have completed the acquisition of Wharf T&T Limited from The Wharf (Holdings) Limited on 9 November 2016. [14]

In 2017, Wharf T&T Limited announced the Company name change to WTT HK Limited (“WTT”).[15]

However, in 2018, it was announced that WTT HK will be merged with HKBN.[16][17] The deal was approved by the regulators[18] and completed in the same year.[19] In September 2019, WTT HK Limited was renamed into HKBN Enterprise Solutions HK Limited, as part of HKBN's unit HKBN Enterprise Solutions.[20]

Subsidiaries

Subsidiaries include COL Limited, which provides IT services to businesses having more than "40 years experience in the IT sector";[6] and WTT eBusiness Limited (WeB), which was established in January 2007 and is an Internet service provider catering to SMEs.[6]

References

  1. ^ a b 關於滙港電訊 (in Chinese (Hong Kong)). WTT HK. Archived from the original on 20 June 2017.
  2. ^ [1] WTT HK Official Site
  3. ^ New T&T asiaxpat.com
  4. ^ a b Interconnection - Lecture Notes International Telecommunication Union, Asia Pacific Centre of Excellence - Telecommunications
  5. ^ Wharf New T&T Limited legco.gov.hk
  6. ^ a b c Member's Profile - Wharf T&T Limited Communications Association of Hong Kong
  7. ^ Milestone of Wharf T&T (1995) Wharf T&T Official Site
  8. ^ Milestone of Wharf T&T (1996) Wharf T&T Official Site
  9. ^ Consistent Growth Delivers Net Profit for Wharf New T&T Wharf T&T Official Site
  10. ^ Business and Financial Review hkexnews.hk
  11. ^ Wharf T&T Limited Wharf T&T Official Site
  12. ^ Wharf T&T reports 89% increase in profit COL Official Site
  13. ^ NEC and Wharf T&T Signed VIP Reseller Agreement NEC Official Site, 22 May 2008
  14. ^ [2] WTT HK Official Site, 10 Nov 2016
  15. ^ [3] WTT HK Official Site, 15 June 2017
  16. ^ "Hong Kong's telecom operator HKBN to buy WTT in $1.34 billion deal". Reuters. 8 August 2018. Retrieved 14 November 2018.
  17. ^ "WTT HK and HKBN Announce Proposed Merger" (Press release). Hong Kong: WTT HK. 7 August 2018. Retrieved 14 November 2018.
  18. ^ "Regulator clears HKBN, WTT Holding Corp merger". The Standard. Hong Kong: Sing Tao News Corporation. 17 April 2019. Retrieved 2 September 2019.
  19. ^ "HKBN Announces Completion of WTT Acquisition" (Press release). Hong Kong: WTT HK. PRNewswire. 29 April 2019. Retrieved 2 September 2019.
  20. ^ "WTT Renamed as HKBN Enterprise Solutions" (Press release). Hong Kong: HKBN. 1 September 2019. Retrieved 2 September 2019 – via marketwatch.com.

External links