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 (2395)	9/10/2000 11:21:20 PM
From: ms.smartest.person	Read Replies (1) of 4541

Australia Telstra: No Comment On Directories Unit Listing Dow Jones Newswires SYDNEY -- Telstra Corp. (TLS), the nation's dominant telecommunications concern, Monday declined to comment on a media report that said its board will consider formal plans Wednesday for the A$2 billion listing of its directories business on the Australian Stock Exchange. "We don't comment on market speculation," a spokesman for Telstra told Dow Jones Newswires. The Australian Financial Review said that under the proposal Telstra will sell up to 25% of its fully owned Pacific Access directories unit, which operates the White Pages and Yellow Pages hard copy and online services. The spin-off blueprint could provide a much-needed boost to Telstra's share price, which has been buffeted in recent weeks because of concern about the strategic direction of the company and its earnings outlook, the newspaper said. A sale process would be instituted immediately before the listing of Pacific Access in mid-to-late 2001, following advice that Telstra could incur a massive capital gains tax bill for any selloff ahead of June 30, it said. The newspaper said the federal government, which has a 50.1% stake in Telstra, has already been briefed on the listing and has few concerns about any political implications. Australian Communications Minister Richard Alston said Sunday that Telstra's recent share price slide is clear evidence that the government needs to sell its remaining majority stake in the company. In the week following the release of its record full-year profit late last month, Telstra shares fell as much as 11% to A$6.10 amid concern over increasing competition in its traditional telephony markets and doubts over its US$5 billion mobile and Internet alliance with Hong Kong-based Pacific Century Cyberworks (H.PCW). Around 2330 GMT, Telstra shares were down 4 cents at A$6.22. The All Ordinaries Index of shares was 11.4 points lower at 3267.5. interactive.wsj.com

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