PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	7/28/2001 2:27:01 PM
From: ms.smartest.person	of 2248

CyberWorks' Parent Raises Its Stake in Hong Kong Phone Company By Theresa Tang Hong Kong, July 28 (Bloomberg) -- Pacific Century Regional Developments Ltd., the parent of Hong Kong's biggest phone company, said it has paid HK$23.6 million ($3 million) for another 0.05 percent of Pacific Century CyberWorks Ltd. shares since Monday. The Singapore-listed property developer said in a statement to the Singapore Stock Exchange it purchased 11.855 million Cyberworks' shares during the three trading days since Monday at the average price of HK$1.997. Its stake in CyberWorks increased to 33.68 percent from 33.63 percent. CyberWorks, controlled by Richard Li, son of billionaire Li Ka-shing, fell to a 26-month low of HK$1.97 on Monday on renewed concerns over its debt after it scrapped the sale of $2.5 billion of bonds offered last Friday. CyberWorks shares have fallen for last four days and closed at HK1.98, the lowest level since May 4, 1999. PCRD said Thursday it deferred redemption of some preference shares held by Chairman Li for six months because it doesn't have enough earnings. PCRD shares rose 3.1 percent, to 50 Singapore cents yesterday.

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