PCCW in 23-Month Low After C&W Bond Sale
Apr 04, 2001 - 10:23:48 HKT
Quamnet News Service
Pacific Century CyberWorks (0008), a major Asian telecommunications company which owns Hong Kong's largest phone company, fell for the second day after Cable & Wireless said it is selling bonds convertible into PCCW shares.
At 10:18 a.m. Hong Kong time, PCCW shares were quoted at HK$2.60, down 4.6 percent from yesterday, on turnover of HK$107.9 million. The stock had traded as low as HK$2.575, its lowest since May 4, 1999.
PCCW topped the stock market's short-selling list yesterday, with HK$234.5 million shares sold short, accounting for 48.9 percent of the market's total of HK$479.73 million.
C&W, the second-largest shareholder of PCCW, said on Monday it is selling a bond convertible into its entire 14.7 percent stake, or about 3.259 billion shares, in the Hong Kong-based communications company, raising net proceeds of US$1.504 billion.
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