Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: ms.smartest.person who wrote (463)	2/28/2000 1:29:00 AM
From: ms.smartest.person	Read Replies (1) of 4541

Hooray! C&W board to meet on HKT sale Monday-sources 13:24 28-FEB-2000 By Angela Tan SINGAPORE, Feb 28 (Reuters) - Britain's Cable & Wireless Plc (C&W) is likely to reach a decision on the sale of its 54 percent stake in C&W HKT <0008.HK> only after a board meeting in London later on Monday, sources close to the deal said. "C&W board meets in London this afternoon so it is unlikely a decision on the winner or loser can be expected by 5 p.m. local time (0900 GMT)," a source said. The sources dismissed speculation that C&W's sale of its stake in Hong Kong's dominant phone company would be announced at 0900 GMT when Hong Kong's Pacific Century CyberWorks <1186.HK> (PCCW) was scheduled to hold a news conference. Internet-linked PCCW submitted formal bids for HKT shortly after Singapore Telecommunications Ltd (SingTel) announced in January that it was in talks with C&W for HKT. Hong Kong sources caused a stir in the market when they said PCCW and C&W had basically reached an agreement on the proposed merger and that an announcement was expected on Monday night. Fuelling the excitement was HKT's statement to the Hong Kong exchange that an agreement might be reached within 48 hours. PCCW has also invited Singapore media to attend a tele-conference, which would be simultaneously held in Hong Kong, for "a major announcement... regarding China". Hong Kong-based analysts said PCCW would brief analysts at 0800 GMT, apparently on its proposed merger with HKT. Sources said it was likely PCCW would unveil details of its formal proposal for HKT at a news conference later. Officials from SingTel, whose negotiations with C&W faltered on Hong Kong concerns over foreigners taking control over a major utility, were not available for comment. Sources had earlier said that while the financial and commercial terms of SingTel's merger proposal were mostly finalised, the offer hit a snag over the voting rights of SingTel's major shareholder, government-owned Temsek Holdings. HKT wants to cap the voting rights of Temsek, which owns about 80 percent of SingTel, to less than 30 percent even if its stake in the merged entity is higher. ((Angela Tan, Singapore Newsroom (65) 870-3080; Fax (65) 776-8112, singapore.newsroom@reuters.com)) . finet.com.hk

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