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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (968)4/4/2001 1:44:03 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
4:30am 04/03/01 Cyberworks shares sink to year low (PCW) By Vivian Chu

Shares of Pacific Century CyberWorks tumbled 11.4 percent to end at 2.73 Hong Kong dollars, after giving up as much as 12.2 percent to a 23-month low of 2.70 Hong Kong dollars on Tuesday. The shares sank a day after its second largest shareholder Cable & Wireless (CWP) said it is selling a bond convertible into its entire 14.7 percent stake in CyberWorks, raising net proceeds of US$1.5 billion. C&W priced the zero-coupon bond at 3.60 Hong Kong dollars, local media reported on Tuesday. Hedge funds and arbitrageurs reportedly bought most of the bond, which has already been fully subscribed and will be listed in Luxembourg. The bond issue by C&W comes after the British telecom giant searched unsuccessfully for months for an investor to buy its CyberWorks stake. Fears that C&W would dump its stake on the market have put pressure on CyberWorks' embattled stock price, which is now 87 percent off its year high. Overnight on Wall Street, CyberWorks' American Depository Receipts sank 14 percent to 2.65 Hong Kong dollars. Its shares resumed trading today after the company requested a suspension from trading yesterday ahead of C&W's announcement.
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