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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (363)	2/19/2001 1:01:53 PM
From: ms.smartest.person	Read Replies (1) of 2248

C&W discussing orderly exit from PCCW By Reuters staff 19 February 2001 British telecoms group Cable & Wireless Plc said on Monday it planned to dispose of a 7.5 percent stake in Hong Kong's Pacific Century CyberWorks, but had set no timetable. C&W said it was discussing with PCCW an orderly exit from the shareholding following the expiry of a lock-up period on Monday. The announcement confirmed widespread expectations that C&W would offload the greatly devalued PCCW shares it acquired in exchange for its Hong Kong business last year. "It is the intention of both C&W and PCCW that C&W's exit from this shareholding be achieved in an orderly manner. Both parties intend to co-operate in achieving such an outcome. No timetable has been set," C&W said in a statement. A C&W spokesman said it was free to sell half its remaining stake of around 15 percent from Monday, rather than Wednesday as the Hong Kong stock market believed, and was keeping all options open. Analysts believe C&W is in no hurry to sell the stock, which has lost more than three-quarters of its value since C&W sold Hongkong Telecom to PCCW for a mixture of cash and shares. It is sitting on 4.2 billion pounds of cash following the deal, so is under no pressure to sell the shares and may wait for the stock to recover. PCCW has been looking for a buyer for the shares, without success. A newspaper in Hong Kong suggested on Thursday that C&W would swap its PCCW shares for PCCW's half of Reach, its new Internet protocol backbone venture with Australia's Telstra Corp. PCCW closed up 0.5 percent at HK$4.65, compared with a peak of HK$28.50 early last year. C&W was down 2.1 percent at 280.5 pence, after touching a 15-month low in earlier trade. totaltele.com

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