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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (232)	2/5/2001 1:01:12 AM
From: ms.smartest.person	Read Replies (1) of 2248

C&W Still in Talks with Buyers; Share Swap Possible -- HKET Feb 05, 2001 - 10:50:51 HKT Quamnet News Service Cable & Wireless Plc, the second-largest shareholder of Pacific Century CyberWorks Ltd. (0008), is willing to accept a conditional share swap for its shares in PCCW, the Hong Kong Economic Times reported. C&W has not yet reached any agreements with potential buyers for its holding in PCCW, though, the paper cited source familiar with the talks. C&W will accept a share swap provided that the shares it acquires will have a bigger liquidity than PCCW's, and institutional investors should hold a bigger percentage of its free float shares, the paper said. The sources refused to reveal identities of the potential buyers, only saying that the buyers have no relations with Hutchison Whampoa Ltd. (0013)'s Chairman Li Ka-shing. C&W owns 15 percent of PCCW. It can begin selling the shares after a lockup period expires on Feb. 17. PCCW's chairman Richard Li has said PCCW is working with the British firm to find buyers for about half its stake as early as this month. quamnet.com

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