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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1407)	6/14/2001 8:43:56 PM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW confirms joint Telstra bid for MobileOne 2001-06-15 Terms and Conditions PCCW SYDNEY, June 13 AAP - Australia's largest telecommunications carrier Telstra Corp Ltd and Hong Kong's Pacific Century CyberWorks Ltd (PCCW) have made a bid for Singapore's MobileOne (M1). "I can confirm we bid for MobileOne," PCCW deputy chairman Alex Arena told a technology conference in Sydney today. "It's on the sell side now and those guys have got to work out what they want to do. "They haven't made an announcement that it's sold, and that seams to imply that they've got some thinking to do." Mr Arena said PCCW would not "be drawn into some sort of bidding war" for the firm. PCCW currently holds a 15 per cent stake in M1, and has said it would sell that to its joint venture with Telstra - Regional Wireless Corporation - if it wins the bid for M1. But Mr Arena was positive about the prospects for the Regional Wireless and Reach joint ventures. "They're every bit as good as we represented to Telstra. In fact, they're overperforming," he said. "I think there's absolutely no reason why Telstra would be concerned about what they got into." Telstra shares closed near two-year lows today as analysts slashed profit forecasts amid further heavy selling following the company's grim earnings warning yesterday. Telstra shares lost more than six per cent today to close 39 cents weaker at $5.69, topping Australian Stock Exchange turnover with volume of 118.5 million shares. The losses compounded yesterday's near 10 per cent loss after the telecommunications giant halved its previous profit growth forecasts. Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com

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