SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : PCW - Pacific Century CyberWorks Limited
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: ms.smartest.person who wrote (957)4/3/2001 4:30:37 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
PCCW says potential negative asset position disclosed in May last year
2001-04-03


Terms and Conditions

Pacific Century CyberWorks Ltd said it had disclosed
in May last year that the company could potentially end up with negative net
assets following the acquisition of Cable & Wireless HKT.
In a statement clarifying the waiver granted by the Stock Exchange of Hong
Kong to the company to acquire or sell assets worth less than 2 bln hkd without
seeking the approval of the exchange or shareholders, the company said it had
made the disclosure in its composite document dated May 26, 2000.
The company said following the acquisition of HKT, on the company's
request, the stock exchange had agreed to waive the assets and consideration
tests in determining the classification of notifiable transactions.
The waiver however is subject to a 2 bln hkd cap on any sale or purchase of
assets by PCCW.
PCCW said the profits test and the equity tests in any purchase or sale of
assets, as well as other relevant provisions of the listing rules, still
continue to apply to all potentially notifiable transactions.
The waiver however is subject to review by the exchange once the company
has released its audited 2000 results.
PCCW said it will seek such a review and "apply for such further waivers as
may be appropriate."
The company said other than the limited waiver, there are no other ongoing
waivers granted to the company by the exchange.
ra/jw
For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Terms and Conditions
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News