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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (436)	2/25/2001 7:44:04 AM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW-Hutchison deal gives investors hope February 23, 2001 Web posted at: 12:13 PM HKT (0413 GMT) By Patricia Lai CNN.com Writer HONG KONG, China -- Richard Li Tzar-Kai's Pacific Century Cyberworks (PCCW) rose 3.43 per cent after announcing a deal with his father Li Ka-shing's Hutchison Whampoa. Shares of the ports-to-telecoms conglomerate Hutchison were down 1.63 per cent at HK$90.25. PCCW was up 3.43 per cent at HK$4.525 on Friday morning after the company announced it bought a satellite communications business from Hutchison Whampoa -- a venture controlled by Mr Li's father billionaire tycoon Li Ka-shing -- for US$103 million in stock. "I think the deal is more of a gesture thing because it involves less than 1 percent of shares," says Kenny Tang, Tung Tai Securities Associate Director. "However, it gives investors hope that Hutchison Whampoa will help out PCCW in the future. For instance, taking up shares the British C&W going to offload," he added. The lock-up period for C&W to sell it's 7.5 per cent of PCCW shares was over last week. But the company has yet announced a buyer. The PCCW and Hutchison deal comes three weeks after the elder Li vowed that his companies would not step in to buy shares in Cyberworks, claiming it was "almost impossible." PCCW said it will pay for the acquisition with newly issued shares, which will give Hutchison a 0.83 per cent PCCW stake. Hutchison said PCCW would issue it 183.63 million new shares at HK$4.375 a share to Hutchison Whampoa in exchange for Hutchison Telecommunications Technology Investment Group, whose main assets are the satellite communication company Hutchison Corporate Access. PCCW shares are down 10.89 per cent since the start of the year, underperforming the Hang Seng Index which is down 0.19 per cent. Reuters contributed to this report. asia.cnn.com

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