PCCW Says Fund Managers Contacted to Buy C&W's Shares
Jan 18, 2001 - 15:02:09 HKT
Quamnet News Service
Richard Li, chairman of Pacific Century CyberWorks (0008), said some fund managers have been contacted to purchase the shares that will be placed by Cable & Wireless Plc, the company's second-largest shareholder, after a lock-up period expires on Feb. 17.
He expressed confidence in the market response to the planned placement.
According to Li, PCCW is working with C&W Plc to sell about half of its 15 percent stake as early as next month, but he declined to provide details about the arrangement.
PCCW shares had lost 21 percent in the past five trading days before a rebound today. At 2:56 p.m. local time, the stock was up 7.7 percent at HK$4.175.
PCCW Says Fund Managers Contacted to Buy C&W's Shares
Jan 18, 2001 - 15:02:09 HKT
Quamnet News Service
Richard Li, chairman of Pacific Century CyberWorks (0008), said some fund managers have been contacted to purchase the shares that will be placed by Cable & Wireless Plc, the company's second-largest shareholder, after a lock-up period expires on Feb. 17.
He expressed confidence in the market response to the planned placement.
According to Li, PCCW is working with C&W Plc to sell about half of its 15 percent stake as early as next month, but he declined to provide details about the arrangement.
PCCW shares had lost 21 percent in the past five trading days before a rebound today. At 2:56 p.m. local time, the stock was up 7.7 percent at HK$4.175. |
