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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (439)	2/25/2001 8:01:33 AM
From: ms.smartest.person	Read Replies (1) of 2248

Cheung: HWL not regard PCCW shr core securities inv 2001-02-23 11:33 (Infocast News) Linus Cheung, Deputy Chairman of Pacific Century CyberWorks (0008) (PCCW), said that the sale of the satellite communications business by Hutchison Whampoa (0013) (HWL) to PCCW is a commercial transaction, despite the market thinks otherwise. He said that as HWL plans to sell its non-core businesses, PCCW has made use of the opportunity to buy the satellite communications business for development of communications businesses in other regions. He stressed that HWL will not regard the PCCW shares as its core securities investment. HWL is entitled to sell the shares 12 months after having the shares. He also said that in the process of negotiation for the sale, PCCW offered to settle the payment in either cash or shares, and HWL chose the share option. infocastfn.com

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