HK PCCW Li: Regional Wireless Co Will Bid For MobileOne
Updated: Thursday, May 24, 2001 11:48 PM ET
- - 25/05/01 03-10G
HONG KONG (Dow Jones)--Pacific Century Cyberworks Ltd. (PCW, news, msgs) Chairman Richard Li said Friday that Regional Wireless Co., a joint venture between Pacific Century and Australia's Telstra Corp Ltd. (TLS, news, msgs), will bid for MobileOne (Asia) Pte.
Li told reporters after PCCW's annual general meeting that Regional WireLess would bid for the Singapore-based telecommunications company. But the bid will be subject to approval by Telstra, which holds 60% of the joint venture.
PCCW said that all MobileOne's shareholders have agreed to sell their stakes. PCCW holds around 15% on MobileOne.
Li said PCCW's stake will be sold to Regional Wireless if it is the successful bidder, but added that "there are other bidders as we understand it."
MobileOne's shareholders recently announced plans to sell their stake in the firm, Singapore's second-largest mobile phone company. The shareholders include Keppel Transportation & Telecommunications Ltd. (P.KTT, news, msgs) and Singapore Press Holdings Ltd. (P.SPH, news, msgs), which each hold 35% stakes. The remaining 30% is jointly held by the U.K.'s Cable & Wireless PLC (CWP, news, msgs) and Hong Kong's Pacific Century Cyberworks.
-By Anette Jonsson, Dow Jones Newswires; 852-2802-7002; anette.jonsson@dowjones.com
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