[00-8-17] Cable & Wireless HKT Becomes CyberWorks Subsidiary
By Adam Creed, Newsbytes.
HONG KONG, CHINA,
17 Aug 2000, 7:32 PM CST
Cable & Wireless HKT Becomes CyberWorks Subsidiary 08/17/00 HONG KONG, CHINA, 2000 AUG 17 (NB) -- By Adam Creed, Newsbytes. Hong Kong's largest telephone company became a wholly-owned subsidiary of Richard Li's Asian Internet giant, Pacific Century CyberWorks (PCCW), this morning as one of the region's largest-ever takeovers was fully completed.
HKT shares were withdrawn from listing on the Stock Exchange of Hong Kong this morning.
The merger of the two companies will combine Cable & Wireless HKT's telecommunications and broadband Internet services with one of the most aggressive Asian Internet content companies.
CyberWorks' flagship service is the NOW (Network of the World) Web TV service. The converged broadband TV and high-speed Web service is rolling out in Hong Kong and China, with Japan the next target.
PCCW also has a whole range of stakes in or joint ventures with Asian and US-based portal, telecom and e-commerce companies. Among its interests are online entertainment content portal Star East IT, a stake in Asia Pacific Web developer Spike Networks, a $129 million interest in Nasdaq-listed SoftNet Systems, a 20 percent stake in Web developer OutBlaze Ltd, and a joint venture with global Internet giant CMGI.
Reported By Newsbytes.com, newsbytes.com .
19:32 CST
(20000817/WIRES ASIA, TELECOM, ONLINE, BUSINESS/)
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