Hutchison new water unit

Hutchison Whampoa billionaire Li Ka-shing's ports-to-telecoms flagship, said on Wednesday it has launched a new water division to tap rising demand for water globally.

Hutchison Water, which has offices in Hong Kong, China and the Middle East, is expected to become a leading player in desalination, water re-use, water and waste water treatment, the company said in a statement.

Shaw Brothers' share sale

The controlling shareholder of Shaw Brothers (Hong Kong) Ltd is in talks with several parties over a sale of its stock in the firm, listed unit TVB said on Wednesday, amid speculation that Shaw Brothers was on the verge of selling a slice of its stake in TVB.

Shares in the two listed firms were suspended on Wednesday afternoon after both rose more than 11 percent on reports that entertainment conglomerate Shaw Brothers was close to unloading all or part of its controlling 26 percent stake in TVB, Hong Kong's dominant terrestrial TV broadcaster.

However, TVB said in a statement it had made enquiries following those reports and been told that Shaw Holdings Inc - Shaw Brothers' controlling shareholder - had actually discussed with "interested parties" a sale of Shaw Brothers' stock.

TVB added it was unaware of any negotiations or agreements relating to acquisitions of TVB stock, without elaborating.

Reuters

(HK Edition 05/15/2008 page2)