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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (270)2/7/2001 5:29:10 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Wednesday February 7, 5:35 PM Telstra/Reach Options -4: Pressure On Telstra

(MORE) Dow Jones Newswires 07-02-01
0822GMT

Telstra Says Other Option For Reach Remains 3rd Partner

(MORE) Dow Jones Newswires 07-02-01

0826GMT No Third Party Talks Underway

SYDNEY (Dow Jones)--Telstra Corp. (TLS) said Wednesday that along with Hong Kong's Pacific Century (Singapore: PCEN.SI - news) Cyberworks Ltd. (PCW), it still plans to list its joint venture operations.

But Telstra executive Gerry Moriarty, who will chair the Internet protocol backbone company - the biggest of the three ventures - said there is no time frame for the likely initial public share offers.

Moriarty also said the IPBC group, to be known in the market as Reach, could also be developed with the inclusion of a third partner rather than an IPO.

"Both of the shareholders are committed to taking the ventures to market when market circumstances are right," he told reporters after Telstra announced the strategic alliance with PCCW is in place and the joint venture groups will start operations Thursday.

"We also recognize we have a variety of options for growing the biggest of the ventures, Reach," he said.

Moriarty said while the two companies had been approached by potential partners in Reach, no talks are currently underway.

"The nice thing about Reach is that in fact we are approached frequently by others who would like to be part of the venture. So it is nice to be wooed," he said. - - 07/02/01 08-53G

sg.biz.yahoo.com
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