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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (112)1/18/2001 10:15:46 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Pac Cent's performance will be dragged down by PCCW

- by Michelle Chong

[ASW Singapore, 17 Jan 01] Pacific Century Regional Developments Ltd’s (PRCD) share price is likely to remain weak affected by concerns over subsidiary, Pacific Century CyerWorks (PCCW). According to reports on Quamnet and News Interactive, investors fear that Britain’s Cable and Wireless (C&W) will divest about half of its 15.3% stake in PCCW when the restriction on the divestment of PCCW’s shares is lifted on 17 Feb 01. Although the market believes that C&W will sell the shares for as low as HK$3 per share, which is at another 28.6% discount to its last closing price of HK$4.20, PCCW sources indicated that it is helping C&W to look for potential investors.

When queried about the poor performance of PCCW’s share price by shareholders, the shares traded to a high of HK$28 in early 2000, Mr Richard Li, the chairman of the group, claimed that he and other family companies have already spent some HK$8 billion mopping up shares in the market. The most recent acquisitions were at about HK$6.50 per share. Mr Li then argued that PCCW’s shares had fallen in line with most Internet companies.

Besides the possibility of a overhang of PCCW’s shares, investors are also wary of the group’s high interest payments, which are eating into profits. PCCW recently had to pay higher interest rates as bankers became concerned about their lending to the telecommunications group. PRCD’s shares are currently trading at S$0.785, down S$0.025.

This article was filed 17 January, 2001 12:14 PM




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