(Yicai Global) July 31 -- Hutchison Telecommunications Hong Kong Holdings Ltd. [HK:0215] (HTHK), the telecom company owned by Li Ka-shing, Hong Kong's richest man, will sell its interest in its wholly-owned landline subsidiary Hutchison Global Communications Investment Holding Ltd. (HGC) for USD1.9 billion (HKD14.5 billion).

The buyer, Asia Cube Global Communications Ltd, is affiliated with I Squared Capital Advisors LLC, which invests in the energy, utilities and transport sectors in Europe and the Americas, HTHK said yesterday.

HTHK said the sale will enable it to focus its resources on its mobile communication services. It will use the proceeds to back its mobile phone business to consolidate its lead in the mobile communication market. HGC will remain a fixed-line network provider for HTHK upon completion of the deal, and the firms will form a cooperative commercial partnership.

HGC is a leading fixed-line operator and a major provider of WiFi services in Hong Kong. Its revenue from fixed-line services grew 4 percent annually to HKD4.1 billion last year. HTHK serves more than 1.8 million households across Hong Kong and provides broadband services for the Hong Kong Exchanges and Clearing Ltd. [HK:0388], government agencies and hospitals in the city.