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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	7/27/2001 11:17:10 PM
From: ms.smartest.person	Read Replies (1) of 2248

Telstra sees no impact on JVs from PCCW problems - report AFX Europe; Jul 27, 2001 Telstra Corp Ltd does not see believe there will be any impact on its Asian business strategy because of financial problems at its partner Pacific Century CyberWorks (PCCW), The Sydney Morning Herald reported, citing Telstra chief executive Ziggy Switkowski. PCCW a week ago decided to postpone a planned 2.5 bln usd bond issue owing to weak investor demand. The report quoted Switkowski as saying the problems for PCCW were not relevant to the future of their joint-ventures and "from a Telstra perspective this is a very long-term investment". "I am not going to comment on their (PCCW's) financial position - I don't know enough about it. But we have created two very good businesses in exactly the right space. We are not constrained or in any way limited in making sensible moves in Asia," he said in the report. The report also said that the partners have abandoned plans to float either the Reach cable network or the Hong Kong mobile phone businesses for the foreseeable future. rjf/jr World Reporter All Material Subject to Copyright

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