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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1246)	5/19/2001 8:59:12 PM
From: ms.smartest.person	Read Replies (1) of 2248

Telstra plays down PCCW rumours Telstra Corp Ltd is playing down speculation of trouble with partner Pacific Century CyberWorks (PCCW), reportedly saying its joint ventures were doing well and they were looking to expand. Telstra chief executive Ziggy Switkowski declined to comment on reports PCCW was actively looking to replace its chief executive, Richard Li, The Australian Financial Review reported. However, the AFR posted a report on its website saying Dr Switkowski played down speculation during an Australian British Chamber of Commerce luncheon in Sydney. The AFR reported Dr Switkowski as saying PCCW and Telstra were looking at opportunities in Hong Kong, Singapore, Japan, Malaysia, Vietnam and in particular China. He emphasised China as an an important component of Telstra's planned Asian expansion. He said Telstra remained in talks with China Unicom Ltd but the company was in no rush to to strike a deal, AFR said. PCCW yesterday denied reports in the Financial Times that it was looking for a replacement for 34-year-old Mr Li, the son of Hong Kong billionaire Li Ka-shing. PCCW issued a statement to the Stock Exchange of Hong Kong saying there were no present plans for Mr Li to relinquish his current role as executive chairman. "The company wishes to make is clear that it is continuously seeking to recruit top talent to drive the business of the company," part of the statement read. The Financial Times yesterday reported sources close to the board saying the company had appointed headhunters to find a chief executive to replace Mr Li. The Financial Times said it is expected Mr Li would take a less operational role within the company in the future. The newspaper said Mr Li insisted on Wednesday that he had no immediate plans to change role but said that he might step back in six months if a suitable replacement could be found. Telstra shares closed eight cents lower at $6.52 on Friday. news.ninemsn.com.au

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