HK PCCW, Telstra To Bid $1.2B On Singapore's M1 - Report
June 12, 2001
Dow Jones Newswires
HONG KONG -- Australian telecommunications carrier Telstra International and Hong Kong's Pacific Century CyberWorks Ltd. (PCW) are expected to make a $1.2 billion bid for Singapore's MobileOne, according to the publication Asian Mobile News.
In an interview with Telstra International President Dick Simpson, the report said the two companies will make a joint bid next week. However, the report doesn't directly quote Simpson when giving the $1.2 billion figure.
Telstra International is the international division that oversees Telstra Corp.'s (TLS) joint ventures around the world.
Simpson has been charged with ensuring that 20%-30% of Telstra's earnings come from Asia within five years, the report said.
"I'm trying to achieve accelerated growth for Telstra in the region, and in the medium-term we expect this would be predominately acquisition led," Simpson was quoted as saying.
Simpson also said Telstra expects to make big investments to gain market share in Asia.
"We didn't say we would get the best bargains in the world, we said we would get the properties that would give us value - this expansion to Asia is absolutely mission-critical to Telstra."
PCCW currently holds a 15% stake in MobileOne, but has said it would sell that to its joint venture with Telstra - Regional Wireless - if it wins the bid for M1.
-By Kirsti Hastings, Dow Jones Newswires; 852-2802-7002; kirsti.hastings@dowjones.com
-0- 12/06/01 05-11G
--------------------------------------------------------------------------------
URL for this Article:
interactive.wsj.com
--------------------------------------------------------------------------------
Copyright © 2001 Dow Jones & Company, Inc. All Rights Reserved.
Printing, distribution, and use of this material is governed by your Subscription Agreement and copyright laws.
For information about subscribing, go to wsj.com
Used with permission of wsj.com |
