Telstra-PCCW's Reach Ltd: No Partnership Targets In Japan
Dow Jones Newswires
May 7, 2001
Dow Jones Newswires
HONG KONG -- Reach Ltd., the 50-50 Internet backbone joint venture between Australia's Telstra Corp. (TLS) and Pacific Century CyberWorks Ltd. (PCW), on Tuesday declined to confirm speculation that it is in talks to form a partnership with either Japan Telecom Co. (J.JTC) or Japan's KDDI (J.KDD).
"We have no specific targets," said a Reach spokesman. The company had indicated earlier that it is reviewing all operations in Asia.
"Every operator in Japan would be a possible companion to Reach. The same in Korea, in China..." he added.
An unsourced Hong Kong Economic Times report Tuesday said Reach is in talks to link up with Japan Telecom, Japan's third largest telco.
Tuesday's edition of the Oriental Daily report also speculated that Japan's long-distance carrier KDDI could be a possible partner. The newspaper The Australian on Monday suggested Reach is in talks with a Japanese Internet portal company.
Meanwhile a PCCW spokeswoman reiterated that the company has no plans to sell any of its property holdings, dispelling speculation that the debt-laden telecommunications and Internet firm may need to raise cash through the sale of some of its real estate, including its headquarters in Quarry Bay on the eastern side of Hong Kong island and the Pacific Century Place development in Beijing.
The spokeswoman also reiterated an announcement made in April that there's no truth to speculation that PCCW is exiting its Cyberport project. PCCW is likely to secure project financing for the project, but the timing and amount are still unclear.
-By Sonia Tsang, Dow Jones Newswires; 852-2802-7002; sonia.tsang@dowjones.com
-0- 08/05/01 03-11G
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