PCCLF: The deal getting closer?? 02/20/2000 HK News {+ 02/18 closing quote -- being that it shows the price was unchanged from Thursday, without any other details, I tend to agree on the speculation that trading was halted on Friday; however, I haven't not yet found confirmation, which should have been in the news.}.
Sunday's Front Page News - PCCLF-1186)Hong Kong Standard, 20 February 2000
Public interest safe says Pacific Century head
By Carmen Cheung in Beijing
STORY: PACIFIC Century Group head Richard Li Tzar-kai has pledged that he and his family business groups will never do anything to harm public interest.
Mr Li, younger son of tycoon Li Ka-shing, made the pledge in reply to questions yesterday about the move by the family's flagship company Pacific Century CyberWorks to merge with Cable & Wireless HKT.
The possibility of a takeover sparked a sharp rise in Cable & Wireless HKT share prices late last week.
The chairman of Pacific Century CyberWorks sought to dispel public concerns over his family's dominance in business especially in sensitive areas such as telecommunications.
''The Pacific Century Group, Cheung Kong (Holdings) and Hutchison Whampoa will never join forces to do anything which harms public interest,'' Mr Li said.
On Thursday, his father, Li Ka-shing, who runs Cheung Kong (Holdings), sought to dispel charges that his business empire was trying to dominate SAR affairs. ''I have no ambition but only a loving heart for Hong Kong,'' the elder Mr Li said at a Hong Kong spring reception.
Yesterday, the younger Mr Li begged off answering in detail queries about a possible takeover of Cable & Wireless HKT.
He said any comment would be made in a formal statement by his company.
He said they had looked closely at regulations of the Securities and Futures Commission and reiterated that his company ''would try our best on the (Cable & Wireless HKT investment) plan''.
''But we can't say we'll succeed,'' he said.
He said if he revealed too many details now, it would be unfair to those who wanted to buy shares in Cable & Wireless HKT.
Separately, Chief Secretary for Administration Anson Chan Anson Fang On-sang said she and Hong Kong and Macau Affairs Office director Liao Hui had not discussed the possible merger.
She said the Central Government had not given any ''instructions'' to the SAR Government on matter.
Journalists pointed out to Mr Li that the heads of Cable & Wireless HKT and SingTel, which was the first to express an interest in merging with the local telecommunications giant, were also in Beijing.
''Is that true? I don't know (anything about it),'' he quickly replied.
Mr Li arrived in Beijing on Thursday to attend yesterday's opening ceremony for the ''Dragon at the Great Wall'' millennium project and a related seminar.
Among the others who attended the function was Professor Tien Chang-lin, who was invited by Tung Chee-hwa to chair the Chief Executive's Commission on Innovation and Technology in July.
Prof Tien said it would be ''a good thing'' if Mr Li invests in Cable & Wireless HKT.
''It is a good thing and it's very important as it can broaden very much the content (of the current telecommunication industry),'' he said.
In his speech on ''Implications of the E-revolution for the 21st Century'', Mr Li said the electronic revolution was propelled by the rapid development of the Internet.
Meeting the challenges of the new age required co-ordinated nurturing, training and management of talent, he said.
This in turn depended on the ''successful implementation of a visionary education policy'', with ''emphasis on creativity and innovation'' and on ''balanced development based on a skilful blending of technology, sciences and the arts''.
Copyright(c) 2000 Hong Kong Standard Newspapers Ltd. All rights reserved.
Reproduction In Whole Or In Part Without Express Permission is Prohibited.
online.hkstandard.com
PCCLF [None] - Pacific Century Cyberworks Short . Basic . Detailed
{Ed. Note: Obviously, this is US$ ... AIA for the format}
3.33 as of close on Feb 18
high N/A low N/A open N/A
prev close 3.33 bid - ask N/A
52-wk range 0.73 - 5.25 unchanged
volume N/A p/e N/A eps N/A
dividend N/A yield N/A market cap N/A
Week -22.47%
Month +35.92%
Quarter +270.00%
YTD +30.59%
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