PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (907)	4/2/2001 3:37:43 AM
From: ms.smartest.person	Read Replies (1) of 2248

C&W to Raise $1.5 Bln Selling CyberWorks Stake (Update1) By Cathy Chan Hong Kong, April 2 (Bloomberg) -- Cable & Wireless Plc said it plans to sell $1.5 billion of debt exchangeable into shares of Pacific Century CyberWorks Ltd., aiming to dispose of its 14.7 percent stake in Hong Kong's dominant phone company. The zero-coupon bonds can be converted into CyberWorks shares at a minimum of HK$3.60 per share, or 17 percent more than CyberWorks' closing price on Friday of HK$3.075, the companies said. Cable & Wireless said in a statement that it will announce details of the sale by tomorrow. Cable & Wireless has struggled to find a buyer for its stake after global stocks slumped and telephone companies scaled back investment. CyberWorks shares fell 79 percent since the U.K. phone company sold a 4.9 percent stake in September for $1.3 billion. Convertible bonds may appeal to investors because they will be repaid the debt when it matures in three years, and could also profit should CyberWorks shares rally. UBS Warburg is managing the sale. The debt sale was made possible after CyberWorks agreed to release Cable & Wireless from a restriction on selling half its remaining stake until August. Cable & Wireless said shortly after a previous lockup period expired last month that it had yet to find a buyer. Cable & Wireless retained a 20.2 percent stake in CyberWorks when it sold control of Hong Kong's dominant phone company to Hong Kong businessmen Richard Li's phone and Internet company last August. Last week, CyberWorks reported a worse-than-expected 2000 loss of $886 million loss. The earnings report ended CyberWorks' ``black-out,'' a month-long period during which Hong Kong rules prevent it from making major transactions. CyberWorks and its Singapore-based parent, Pacific Century Regional Development Ltd., were suspended from trading today. CyberWorks fell 5.4 percent on Friday to HK$3.075. Pacific Century Regional fell 7.8 percent to 53 Singapore cents. quote.bloomberg.com

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