Telstra May Make Asian Investments Without Partner PCCW
Updated: Saturday, April 28, 2001 11:40 PM ET
SYDNEY (Dow Jones)--Ziggy Switkowski, chief executive of Telstra Corp. (TLS, news, msgs), said Australia's largest phone company may make investments in Asia without its joint venture partner - Pacific Century Cyberworks Ltd. (H.PCW, news, msgs) - the Australian newspaper reported Saturday.
Switkowski said the company's relationship with the Hong Kong-based company has altered as a result of the fall in PCCW share value, the newspaper said.
"If there are opportunities that are not of interest to PCCW or beyond its capacity to support - which is much reduced now, its a big change - then we wouldn't be inhibited from going on our own," Switkowski said.
Earlier this month, Regional Wireless Co., a joint venture Telstra Corp. and Pacific Century CyberWorks, said they intend to bid for Singapore's No. 2 cellular provider, MobileOne Ltd.
The move by the two-month-old venture, 60% owned by Telstra and 40% by PCCW, is a possible counterpunch to last month's unveiling of Singapore Telecommunications Ltd.'s (P.SGT, news, msgs) bid to buy Australia's Cable & Wireless Optus Ltd. (A.CWO, news, msgs).
Ordinary shares in Telstra last traded at A$6.64 Friday.
-By Ambereen Choudhury, Dow Jones Newswires; 61-2-8235-2965; ambereen.choudhury@dowjones.com
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