Property firm New World Development Co Ltd is planning to propose the privatisation of technology unit New World TMT Ltd, the Hong Kong stock exchange said on November 01. Shares of loss-making New World TMT were suspended pending an announcement on the plan, the exchange said in a statement.

No further details were immediately available.

New World Development holds about 54.6 percent of New World TMT, which generates most of its earnings from media-related projects.

Copyright Reuters, 2005