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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (266)2/7/2001 2:18:20 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Telstra and PCCW launch joint venture

Australian operator Telstra has announced that its internet protocol backbone company Reach, a joint venture with Hong Kong based Pacific Century Cyberworks (PCCW), is to begin operations in Bermuda this week; Reach will merge the submarine cable, satellite, gateway and network infrastructure businesses of both partners. At the same time, Telstra and PCCW plan to launch a second venture, the Regional Wireless Company (RWC), which will provide mobile telephony services across the Asia-Pacific region. According to CIT’s Datafile of Asia-Pacific Telecommunications, RWC was initially to be 60% PCCW-owned. However, Richard Li’s under pressure telco was forced to cede control to Telstra after witnessing a 40% fall in its share price just four weeks after the pact was first signed. Telstra paid USD1.68 billion for the 60% interest and also invested USD1.5 billion in a PCCW convertible note.

citpubs.com
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