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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	7/26/2001 8:32:16 PM
From: ms.smartest.person	Read Replies (1) of 2248

Telstra banking on Asia 27Jul01 TELSTRA chief executive Ziggy Switkowski yesterday signalled further investment in Asia by its joint ventures with Hong Kong's Pacific Century Cyberworks. Dr Switkowski said a series of Asian investments were ahead of Telstra, which could be made without upsetting its balance sheet. When asked what sort of outlay Telstra would have to make to be able to meet its stated goal of 20-25 per cent of the value of Telstra coming from the Asian joint ventures, Dr Switkowski said "sizeable investment" was still needed. Telstra has a 50 per cent interest in internet infrastructure joint venture Reach Ltd and a 60 per cent interest in Regional Wireless Co, which holds the mobile business CSL. The telco has said it wants about 20-25 per cent of its value to be its Asian business within five years. Dr Switkowski said yesterday that it was about a third of the way towards the target. Concerns about Telstra's joint ventures in Asia with Hong Kong-based PCCW and negative sentiment towards the telco sector overall have contributed to further falls in Telstra shares to fresh three-year lows this week. The shares closed 9c lower at $4.90 yesterday. However Dr Switkowski said Asia remained a focus for growth for Telstra. "In terms of broader Asian aspirations, Telstra continues to have a number of alternatives," he said. Dr Switkowski also said that the Asian joint ventures were also well placed for potential growth into the Chinese telecommunications market. The company had changed its view in the last year regarding the importance of China to the joint ventures. "China is higher in our thinking than it was a year ago," he said. This report appears on news.com.au.

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