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 (912)	4/2/2001 3:54:04 AM
From: ms.smartest.person	Read Replies (1) of 2248

C&W shares gain on move to sell PCCW stake Monday April 2, 3:51 am Eastern Time LONDON, April 2 (Reuters) - Shares in Cable & Wireless Plc rose on Monday after the UK telecom company said it was selling its stake in Hong Kong's Pacific Century CyberWorks via a convertible bond. The shares were up 2.3 percent at 486 pence in early trade, making it the second-strongest gainer in the FTSE 100 stock index, as the market applauded a deal that gave it a 17 percent premium to PCCW's share price. C&W said it was selling zero coupon bonds exchangeable into its entire 14.7 percent stake in Internet and telecom company PCCW, raising it approximately $1.5 billion. ``It's a very creative manner in which to dispose of the PCCW stake,'' said Commerzbank analyst Taco Sieburgh Sjoerdsma. biz.yahoo.com

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