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Technology Stocks : CTEL - City Telecom of Hong Kong (PCCLF owns 38.4M shs).
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To: Probart who wrote (13)3/20/2000 11:20:00 AM
From: Paul Berliner  Read Replies (2) of 32
 
Still holding, but I am so f--ken disappointed I can't even tell you. In addition to CTEL plunging through the critical HK$4.00 support chart.quam.net, the rumors of PCCW dumping their CTEL stake on the open market were confirmed. CTEl closed last nite in HK at HK$3.00. I'm sorry I did not heed the warnings in several brokerage reports stating that PCCW had been rumored to be dumping shares over the past month. However, all those reports still had strong buys or buys on CTEL. I've been thinking about buying more but we are all told not to throw good money after bad. My avg cost is in the mid-teens.

DJ HK CyberWorks Confirms Completing City Telecom Stake Sale

03/16/2000
Dow Jones Newswires
(Copyright ¸ 2000 Dow Jones & Company, Inc.)

HONG KONG (Dow Jones)--Two weeks after snapping up Hong Kong's oldest telephone company, Pacific Century CyberWorks Ltd. (H.PCW) confirmed Thursday that it has disposed of its entire stake in City Telecom (HK) Ltd. (H.CTY).

"We've already completed the stake sale," group managing director Alex Arena told Dow Jones Newswires.

Last November, Pacific Century CyberWorks bought 38.4 million shares in City Telecom at HK$5.60 each for HK$215.6 million.

The amount of shares represents about 8% of City Telecom's issued share capital. Pacific Century CyberWorks had said that it was interested in the wireless broadband network being developed by the local telecommunications play.

City Telecom's broadband network was to help Pacific Century CyberWorks distribute its broadband channel Network of the World (NOW), which will be rolled out later this year.

"We now (already) have the broadband network of (Cable & Wireless) HKT," Arena said.

City Telecom shares have been under strong selling pressure since reports of the stake sale first appeared in local newspapers in mid February.

And formally launching the company's broadband Internet services last week didn't save City Telecom shares from falling further.

By midday Thursday, City Telecom (H.CTY) has plunged 9.2%, or 35 cents, to HK$3.475. The shares have lost more than 40% since February.

Pacific Century CyberWorks shares are 1.2% lower at HK$20.35 by midday.

Early March, City Telecom sold a 15% stake to Japan's KDD Corp. (J.KDD) for HK$225 million, although City Telecom officials declined to comment whether the stake was transferred to KDD from Pacific Century CyberWorks.
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