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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (869)	3/31/2001 1:31:53 PM
From: ms.smartest.person	Read Replies (1) of 2248

Complaint lights up probe of PCCW's $ 2b status 2001-04-01 Terms and Conditions Legislators are demanding to know whether beleaguered Pacific Century CyberWorks (PCCW) received preferential treatment in being exempted from having to declare transactions under HK$ 2 billion. Lawmakers from the Democratic Party and The Frontier have sent letters to the Securities and Futures Commission asking why CyberWorks, which on Wednesday reported a HK$ 6.9 billion loss for last year, had been exempted from the disclosures. "We need to know the rationale behind this exemption," said Democrat Legislator Sin Chung-kai. "Otherwise, people might think this is a special arrangement." Hong Kong Exchanges and Clearing, which granted the exemption, refused to comment on the HK$ 2 billion figure and the reason behind the waiver. Mr Sin said he had received a complaint from a listed company about the apparent preferential treatment for CyberWorks. The complainant said existing rules should be relaxed or the exemption should not be granted. In a letter signed by Albert Ho Chun-yan, the Democratic Party raised questions about why the HK$ 2 billion yardstick was set to determine for transactions that CyberWorks needed to disclose. An exchange source said CyberWorks would find it difficult to do business without the HK$ 2 billion waiver as it would need shareholders' approval before it could move on anything due to its negative net asset situation. Listing rules specify any transaction whose value is more than 50 per cent of a company's net assets, or net profit, has to have shareholder approval. CyberWorks has a negative net equity of HK$ 14.13 billion. The negative equity issue has been aired in various CyberWorks documents, but not the exchange exemption. Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com

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