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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: LOGAN12 who wrote (233)1/12/2000 9:18:00 PM
From: mike machi  Read Replies (1) of 4541
 
Next Bill Gates? This guy is Sharp..


Wednesday January 12, 8:20 pm Eastern Time
PCCW sees US$1.3 bln gain by venture fund
HONG KONG, Jan 13 (Reuters) - Internet and communications firm Pacific Century CyberWorks (PCCW) has gained a paper profit of US$1.3 billion from investments in 28 Internet-related projects in the past six months, according to PCCW chairman Richard Li.

Most of the investments were made by PCCW's venture capital fund, CyberWorks Ventures, local newspapers quoted Li as saying in a radio interview on Wednesday.

PCCW officials were not immediately available for comment.

CyberWorks had set aside US$200 million for CyberWorks Ventures to acquire Internet-related assets but less than US$60 million had been used so far, Li said.

Most of the major investments were made through share swaps, he added.

Li also said PCCW would purchase through the venture capital fund a stake of less than 10 percent in a web portal, tom.com Ltd, to be launched jointly by Cheung Kong (Holding) Ltd and Hutchison Whampoa Ltd next week.

Li is a deputy chairman of Hutchison and the younger son of Cheung Kong group chairman Li Ka-shing.

Market talk said the Cheung Kong group would seek a separate listing for tom.com Ltd on the U.S. technology-heavy Nasdaq market, the newspapers said.

PCCW is a subsidiary of Singapore listed Pacific Century Regional Developments Ltd .
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