Australia Telstra, HK PCCW To Launch JVs Thursday -Report
Updated: Thursday, February 1, 2001 05:31 PM ET
SYDNEY (Dow Jones)--Australia's dominant telecommunications company Telstra Corp. (TLS, news, msgs) and its strategic partner in Asia, Hong Kong's Pacific Century Cyberworks Ltd. (PCW, news, msgs), are set to officially launch their three joint venture companies Thursday, according to a report in the Australian newspaper.
The two companies are expected to finalize their Internet backbone, wireless and data joint ventures Wednesday, the newspaper said. They first announced their Asian asset tie-up April last year.
The newly created companies will have their nominal headquarters in Bermuda for tax purposes, but the day-to-day operations will be handled out of Hong Kong.
A Telstra spokeswoman said the company hasn't released any specific date to the market but confirmed the amalgamation of Telstra and PCCW assets in Asia is on track.
"Obviously we're getting close to finalization and everything is on track," the spokeswoman said.
"We don't want to name a specific date - with a deal this size it can blow out by a couple of days or weeks," she added.
Senior Hong Kong-based Telstra executive Brian McNamee told the newspaper the Internet backbone joint venture would begin next week, with about two thirds of Telstra's Hong Kong staff joining the new joint venture company.
-By Graham Morgan, Dow Jones Newswires;
61-2-8235-2962; graham.morgan@dowjones.com
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