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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (824)3/29/2001 11:56:14 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
DJ MARKET TALK/HK: HK Exchange Waives Rules For PCCW
10:41, 2001-03-30

0902 [Dow Jones] AWSJ reports HK Stock Exchange has quietly agreed to stretch rules to accommodate PCCW (0008) even though liabilities greater than assets; this could stir complaints it's getting special treatment from city authorities. Exchange rules require firms to seek shareholder approval for transactions involving 50% of net assets, which suggests PCCW would have to consult shareholders on all notifiable transactions; but PCCW last night disclosed for first time that after August takeover of HKT, exchange granted it waiver in which shareholders only need to be notified of transactions if they exceeded $2 billion. This may reignite claims Richard Li getting easy ride; exchange declines to discuss waiver.(RXM)
Copyright c 1999-2000 Dow Jones Inc. All rights reserved.
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