PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	2/25/2001 8:27:22 AM
From: ms.smartest.person	Read Replies (1) of 2248

Heat on Li Ka-shing over PCCW stake Li Ka-shing's Hutchison Whampoa came under fire yesterday for taking a stake in Pacific Century CyberWorks, run by his son Richard Li Tzar-kai, amid concern it would do more deals to try to support the embattled telecoms company. Shares in Hutchison fell 1.1 per cent to $90.75 despite an overall market rise of 1.2 per cent, following its decision to swap a satellite asset in exchange for 183.5 million shares, or a 0.83 per cent stake, in CyberWorks. "Marks have been taken off in terms of credibility. I think the market has cast a vote of no-confidence by selling down the shares of Cheung Kong and Hutchison," said Phillip Securities research director Louis Wong Wai-kit. However, shares in CyberWorks jumped four per cent, with analysts believing Li Ka-shing thought the price had gone as low as it was going to and was set to rise. He said three weeks ago his company would not buy CyberWorks shares, claiming he did not want to be open to criticism. However, Hutchison Whampoa Group managing director Canning Fok Kin-ning said yesterday it had not paid cash for the shares and so Li Ka-shing had not broken his promise. "I think the deal is attractive and created the best shareholder value for us," Mr Fok said. He said the deal was not a family matter or a bailout of CyberWorks. news.scmp.com

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