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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (895)4/1/2001 6:08:51 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
PACIFIC CENTURY SHARES SINK

Pacific Century CyberWorks, the Hong Kong technology company, continued to bleed after reporting losses of $886 million on Wednesday. The company's stock fell 5.4 percent, to 39 cents a share, after declining 6.5 percent on Thursday. CyberWorks said it would scale back its video game division in Japan to cut $9.7 million in costs. It disclosed a bit of good news, noting that the Hong Kong Stock Exchange had exempted it from a rule that it must obtain the approval of shareholders for any deal involving more than 50 percent of its net assets. CyberWorks has negative shareholder equity so the rule could have frozen its ability to make deals.
Mark Landler (NYT)

nytimes.com
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