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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (645)3/23/2001 12:52:24 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
Hong Kong Press: PCCW share disposal plan not accepted by C&W
Hong Kong, March 22 (BridgeNews) - Hong Kong-listed Pacific Century CyberWorks (PCCW) Chairman Richard Li said the company had proposed a "very good" solution to U.K.'s Cable and Wireless PLC. (C&W) for disposing its shares in PCCW, but the proposal was not accepted, the Sing Tao Daily News reported Thursday.

Li said C&W had promised to discuss the shares disposal with PCCW before the latter made any decision.

Li said the proposal placed by PCCW could prevent the shares flooding the market and thereby impacting share price, the report noted.

However, C&W did not accept the proposal, Li noted, adding that the British telecommunications operator must have felt the price offered by PCCW was "too low".

C&W still holds a 15% stake in PCCW, which the former acquired as part of the purchase package when PCCW took over C&W's Hong Kong Telecom (HKT) early last year.

Half of C&W's 15% stake was released from a lock-up period on Feb. 17, which means C&W is free to sell the shares. The other half will be available Aug. 17.

Li also reiterated that he would not ask his father, Hong Kong tycoon Li Ka-shing to takeover the C&W shares.

The paper noted that Li refused to comment on reports claiming he had not graduated from the Stanford University.

"I have to read the report carefully before I can answer. Because many (PCCW's) public shareholders are listed in New York, I need to read the report before talking," Li said.

End

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