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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (412)2/22/2001 12:32:07 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
C&W plans PCCW retreat

UK-based telco Cable & Wireless (C&W) has said it plans to sell its 7.5% holding in Hong Kong’s Pacific Century Cyberworks (PCCW), though it has given no details of when the transaction will be completed; the announcement follows the expiration of C&W’s lock-in period with PCCW, which ended on 12 February. C&W is keen to offload its greatly devalued PCCW shares, which have lost more than 75% of their value since C&W sold Hongkong Telecom to PCCW for a mixture of cash and shares last August (see Comms Update 17 August 2000: PCCW/Cable & Wireless HKT merger complete). Analysts point out, however, that C&W may wait for the stock to recover before selling; it is currently sitting on cash reserves of GBP4.2 billion following last year’s deal, giving it the luxury of being able to choose its moment. An unconfirmed newspaper report from Hong Kong has suggested that C&W may exchange its PCCW shares for PCCW’s 50% interest in Reach, its internet protocol backbone venture with Australian telco Telstra. The latest announcement from the UK telco comes hard on the heels of the news of its decision to withdraw from the St. Lucian market, prompting speculation that it may abandon its interests in the Caribbean region as a whole

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