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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (858)	3/30/2001 4:06:04 PM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW seeking review of SEHK requirement on transactions above 2 bln hkd 2001-03-31 Terms and Conditions Pacific Century CyberWorks Ltd said it plans to seek a review from the Stock Exchange of Hong Kong on its requirement for the company to consult the exchange for any transactions involving more than 2 bln hkd. When PCCW bought Cable & Wireless HKT in Aug 2000, the exchange decided to allow the company to apply an alternative set of tests to classify a notifiable transaction provided the value of the assets involved did not exceed 2 bln hkd. PCCW currently has to consult with the exchange's listing department for guidance with respect to other potential notifiable transactions that exceed 2 bln hkd, the company said in a statement. PCCW said this requirement was subject to review once the company released its audited 2000 results. It said it plans to seek a review once the full audited consolidated accounts for 2000 are available and "will apply for such futher waivers as may be appropriate." Pending the review, the threshold for any proposed transaction to be undertaken by PCCW will continue to apply, the company said. The statement said that as noted in the balance sheet summary released on Wednesday, PCCW had net liabilities of 14.133 bln hkd as of Dec 31, 2000, arising from the write-off against reserves of goodwill related to the acquisition of C&W HKT. "The directors wish to emphasize that this will not affect the company's cashflow or funding position or operations in any way whatsoever," it said. PCCW said the treatment of the goodwill was consistent with both the company's accounting policy as disclosed in its 1999 annual report and Hong Kong generally accepted accounting principles applicable to the 2000 accounts. ra/jw For more information and to contact AFX: www.afxnews.com and www.afxpress.com Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com

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