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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: ms.smartest.person who wrote (466)2/28/2000 3:11:00 AM
From: ms.smartest.person  Read Replies (1) of 4541
 
CyberWorks on verge of HKT deal

REUTERS in Hong Kong
Reuters Update Monday, February 28, 2000

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Updated at 12.55pm:
Cable & Wireless HKT said in a statement issued through the Hong Kong stock exchange an agreement between its parent company Britain's Cable & Wireless Plc and Richard Li's Pacific Century CyberWorks may be reached within the next 48 hours.
'The deal is basically done,' a source close to the deal said on Monday.

The statement from Cable and Wireless HKT said: 'The company has been advised that an agreement may be reached within the next 48 hours between the company's major shareholder, Cable & Wireless Plc, and Pacific Century CyberWorks regarding a possible offer to the company's shareholders, and we understand that an announcement by PCCW on this subject may be imminent.'

Shares of Cable and Wireless HKT, which is 54 per cent owned by Cable & Wireless Plc, were suspended early on Monday. The shares rose $0.05 to $25.95 in the first minute of trade prior to the suspension.

Shares in Pacific Century CyberWorks continued suspended. CyberWorks shares were last traded at $22.15 prior to Friday's morning suspension.

Analysts said Pacific Century was due to hold a briefing for analysts at 4pm.

scmp.com
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