[99-11-14] Hong Kong's City Telecom Completes Nasdaq Listing
By Adam Creed, Newsbytes.
HONG KONG, CHINA,
14 Nov 1999, 11:21 PM CST
Hong Kong's City Telecom Completes Nasdaq Listing 11/14/99 HONG KONG, CHINA, 1999 NOV 14 (NB) -- By Adam Creed, Newsbytes. Hong Kong's second largest international direct dial and Internet service provider City Telecom (H.K) Ltd (CTI) completed a listing on the Nasdaq exchange last week, making it the second Hong Kong company to directly list on the US exchange.
The telecommunications provider placed 70 million new shares and 45 million existing shares at a price of HK$5.60 (US$0.72) per share, raising gross proceeds of HK$644 million ($82.85 million).
According to the company, the listing was well received, with investors in the US, Europe and Asia taking investments. Hong Kong-based Pacific Century CyberWorks subscribed for 38.4 million shares.
"After completion of this offering, CTI will have approximately US$100 million of cash with no long term debt," said Ricky Wong, chairman of CTI. "Our strong financial position will allow us to develop our local fixed wireless network if our application for a license from the Telecommunications Authority is granted, and develop our fast-expanding Internet content and e-commerce activities."
CTI has over 710,000 international direct dial telephony subscribers and 310,000 Internet subscribers. It recently launched an interactive multimedia info-tainment programming channel that delivers entertainment, educational, news and financial news programs over the Internet 24 hours a day.
Exchange Rate: $1 = HK$7.77
Reported By Newsbytes.com, newsbytes.com
23:21 CST
(19991114/WIRES ASIA, TELECOM, BUSINESS/)
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PCCW - 38.4 million shares @HK$5.60 = HK$215,040,000 = US$27,569,230.77
currency conversion US$=HK$7.8 |
